Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Jan. 31, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-35095 | ||
Entity Registrant Name | UNITED COMMUNITY BANKS, INC. | ||
Entity Central Index Key | 0000857855 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Incorporation, State or Country Code | GA | ||
Entity Tax Identification Number | 58-1807304 | ||
Entity Address, Address Line One | 125 Highway 515 East | ||
Entity Address, City or Town | Blairsville | ||
Entity Address, State or Province | GA | ||
Entity Address, Postal Zip Code | 30512 | ||
City Area Code | 706 | ||
Local Phone Number | 781-2265 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,760,810,229 | ||
Entity Common Stock, Shares Outstanding | 105,980,634 | ||
Documents Incorporated by Reference | Portions of the registrant’s Proxy Statement for the 2022 Annual Meeting of Shareholders to be held on May 18, 2022 (the “2022 Proxy Statement”) are incorporated herein into Part III by reference. | ||
Common stock, par value $1 per share | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Common stock, par value $1 per share | ||
Trading Symbol | UCBI | ||
Security Exchange Name | NASDAQ | ||
Depositary shares, each representing 1/1000th interest in a share of Series I Non-Cumulative Preferred Stock | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Depositary shares, each representing 1/1000th interest in a share of Series I Non-Cumulative Preferred Stock | ||
Trading Symbol | UCBIO | ||
Security Exchange Name | NASDAQ |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Atlanta, Georgia |
Auditor Firm ID | 238 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 144,244 | $ 148,896 |
Interest-bearing deposits in banks | 2,147,266 | 1,459,723 |
Federal funds and other short-term investments | 27,000 | 0 |
Cash and cash equivalents | 2,318,510 | 1,608,619 |
Debt securities available-for-sale | 4,496,824 | 3,224,721 |
Debt securities held-to-maturity (fair value $1,148,804 and $437,193, respectively) | 1,156,098 | 420,361 |
Loans held for sale at fair value | 44,109 | 105,433 |
Loans and leases held for investment | 11,760,346 | 11,370,815 |
Less allowance for credit losses - loans and leases | (102,532) | (137,010) |
Loans and leases, net | 11,657,814 | 11,233,805 |
Premises and equipment, net | 245,296 | 218,489 |
Bank owned life insurance | 217,713 | 201,969 |
Accrued interest receivable | 42,999 | 47,672 |
Net deferred tax asset | 41,322 | 38,411 |
Derivative financial instruments | 42,480 | 86,666 |
Goodwill and other intangible assets, net | 472,407 | 381,823 |
Other assets | 211,199 | 226,405 |
Total assets | 20,946,771 | 17,794,374 |
Deposits: | ||
Noninterest-bearing demand | 6,956,981 | 5,390,291 |
Interest-bearing deposits | 11,284,198 | 9,842,067 |
Total deposits | 18,241,179 | 15,232,358 |
Long-term debt | 247,360 | 326,956 |
Derivative financial instruments | 25,145 | 29,003 |
Accrued expenses and other liabilities | 210,842 | 198,527 |
Total liabilities | 18,724,526 | 15,786,844 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred stock, $1 par value: 10,000,000 shares authorized; Series I, $25,000 per share liquidation preference; 4,000 shares issued and outstanding | 96,422 | 96,422 |
Common stock, $1 par value; 200,000,000 and 150,000,000 shares authorized, respectively; 89,349,826 and 86,675,279 shares issued and outstanding, respectively | 89,350 | 86,675 |
Common stock issuable; 595,705 and 600,834 shares, respectively | 11,288 | 10,855 |
Capital surplus | 1,721,007 | 1,638,999 |
Retained earnings | 330,654 | 136,869 |
Accumulated other comprehensive (loss) income | (26,476) | 37,710 |
Total shareholders’ equity | 2,222,245 | 2,007,530 |
Total liabilities and shareholders’ equity | $ 20,946,771 | $ 17,794,374 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
HTM debt securities | $ 1,148,804,000 | $ 437,193,000 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock liquidation preference (in dollars per share) | $ 25,000 | $ 25,000 |
Preferred stock issued (in shares) | 4,000 | 4,000 |
Preferred stock outstanding (in shares) | 4,000 | 4,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock authorized (in shares) | 200,000,000 | 150,000,000 |
Common stock issued (in shares) | 89,349,826 | 86,675,279 |
Common stock outstanding (in shares) | 89,349,826 | 86,675,279 |
Common stock issuable (in shares) | 595,705 | 600,834 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest revenue: | |||
Loans, including fees | $ 505,734 | $ 494,212 | $ 476,039 |
Investment securities: | |||
Taxable | 61,994 | 55,031 | 69,920 |
Tax exempt | 8,978 | 7,043 | 4,564 |
Deposits in banks and short-term investments | 2,088 | 1,710 | 2,183 |
Total interest revenue | 578,794 | 557,996 | 552,706 |
Interest expense: | |||
Deposits | 14,845 | 41,772 | 66,856 |
Short-term borrowings | 0 | 3 | 838 |
Federal Home Loan Bank advances | 3 | 28 | 2,697 |
Long-term debt | 14,912 | 14,434 | 12,921 |
Total interest expense | 29,760 | 56,237 | 83,312 |
Net interest revenue | 549,034 | 501,759 | 469,394 |
(Release of) provision for credit losses | (37,550) | 80,434 | 13,150 |
Net interest revenue after provision for credit losses | 586,584 | 421,325 | 456,244 |
Noninterest income: | |||
Wealth management fees | 18,998 | 9,240 | 6,150 |
Gains from other loan sales, net | 11,267 | 5,420 | 6,867 |
Other lending and loan servicing fees | 9,427 | 8,028 | 4,054 |
Securities gains (losses), net | 83 | 748 | (1,021) |
Other | 25,729 | 24,185 | 24,721 |
Total noninterest income | 157,818 | 156,109 | 104,713 |
Total revenue | 744,402 | 577,434 | 560,957 |
Noninterest expenses: | |||
Salaries and employee benefits | 241,443 | 224,060 | 196,440 |
Occupancy | 28,619 | 25,791 | 23,350 |
Communications and equipment | 29,829 | 27,149 | 24,613 |
Professional fees | 20,589 | 18,032 | 17,028 |
Lending and loan servicing expense | 10,859 | 10,993 | 9,416 |
Outside services - electronic banking | 9,481 | 7,513 | 7,020 |
Postage, printing and supplies | 7,110 | 6,779 | 6,370 |
Advertising and public relations | 5,910 | 15,203 | 6,170 |
FDIC assessments and other regulatory charges | 7,398 | 5,982 | 4,901 |
Amortization of intangibles | 4,045 | 4,168 | 4,938 |
Merger-related and other charges | 13,970 | 7,018 | 6,907 |
Other | 17,386 | 15,301 | 15,092 |
Total noninterest expenses | 396,639 | 367,989 | 322,245 |
Income before income taxes | 347,763 | 209,445 | 238,712 |
Income tax expense | 77,962 | 45,356 | 52,991 |
Net income | 269,801 | 164,089 | 185,721 |
Net income available to common shareholders, basic | 261,269 | 159,269 | 184,346 |
Net income available to common shareholders, diluted | $ 261,269 | $ 159,269 | $ 184,346 |
Income per common share: | |||
Basic (in dollars per share) | $ 2.97 | $ 1.91 | $ 2.31 |
Diluted (in dollars per share) | $ 2.97 | $ 1.91 | $ 2.31 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 87,940 | 83,184 | 79,700 |
Diluted (in shares) | 88,097 | 83,248 | 79,708 |
Service charges and fees | |||
Noninterest income: | |||
Service charges and other related fees | $ 33,868 | $ 32,401 | $ 36,797 |
Mortgage loan gains and related fees | |||
Noninterest income: | |||
Service charges and other related fees | $ 58,446 | $ 76,087 | $ 27,145 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income, Before-tax Amount | $ 347,763 | $ 209,445 | $ 238,712 |
Net income, Tax (Expense) Benefit | (77,962) | (45,356) | (52,991) |
Net income | 269,801 | 164,089 | 185,721 |
Unrealized gains (losses) on available-for-sale securities: | |||
Unrealized holding (losses) gains, Before-tax Amount | (92,231) | 39,385 | 64,749 |
Unrealized holding (losses) gains, Tax (Expense) Benefit | 23,294 | (9,514) | (15,696) |
Unrealized holding (losses) gains, Net of Tax Amount | (68,937) | 29,871 | 49,053 |
Reclassification adjustment for (gains) losses recognized in net income, Before-tax Amount | (83) | (748) | 1,021 |
Reclassification adjustment for (gains) losses recognized in net income, Tax (Expense) Benefit | (46) | 191 | (247) |
Reclassification adjustment for (gains) losses recognized in net income, Net of Tax Amount | (129) | (557) | 774 |
Net unrealized (losses) gains, Before-tax Amount | (92,314) | 38,637 | 65,770 |
Net unrealized (losses) gains, Tax (Expense) Benefit | 23,248 | (9,323) | (15,943) |
Net unrealized (losses) gains, Net of Tax Amount | (69,066) | 29,314 | 49,827 |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Before-tax Amount | 0 | 723 | 383 |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Tax (Expense) Benefit | 0 | (173) | (92) |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Net of Tax Amount | 0 | 550 | 291 |
Derivative instruments designated as cash flow hedges: | |||
Amortization of losses included in net income on terminated derivative financial instruments previously accounted for as cash flow hedges, Before-tax Amount | 0 | 0 | 337 |
Amortization of losses included in net income on terminated derivative financial instruments previously accounted for as cash flow hedges, Tax (Expense) Benefit | 0 | 0 | (86) |
Amortization of losses included in net income on terminated derivative financial instruments previously accounted for as cash flow hedges, Net of Tax Amount | 0 | 0 | 251 |
Unrealized holding gains (losses) on derivatives, Before-tax Amount | 3,837 | (149) | 0 |
Unrealized holding gains (losses) on derivatives, Tax (Expense) Benefit | (979) | 38 | 0 |
Unrealized holding gains (losses) on derivatives, Net of Tax Amount | 2,858 | (111) | 0 |
Reclassification of losses on derivative instruments recognized in net income, Before-tax Amount | 608 | 359 | 0 |
Reclassification of losses on derivative instruments recognized in net income, Tax (Expense) Benefit | (156) | (91) | 0 |
Reclassification of losses on derivative instruments recognized in net income, Net of Tax Amount | 452 | 268 | 0 |
Net cash flow hedge activity, Before-tax Amount | 4,445 | 210 | 337 |
Net cash flow hedge activity, Tax (Expense) Benefit | (1,135) | (53) | (86) |
Net cash flow hedge activity, Net of Tax Amount | 3,310 | 157 | 251 |
Defined benefit pension plan activity: | |||
Termination of defined benefit pension plan, Before-tax Amount | 0 | 0 | 1,558 |
Termination of defined benefit pension plan, Tax (Expense) Benefit | 0 | 0 | (398) |
Termination of defined benefit pension plan, Net of Tax Amount | 0 | 0 | 1,160 |
Amendments to defined benefit pension plans, Before-tax Amount | 0 | 0 | (386) |
Amendments to defined benefit pension plans,, Tax (Expense) Benefit | 0 | 0 | 99 |
Amendments to defined benefit pension plans,, Net of Tax Amount | 0 | 0 | (287) |
Net actuarial gain (loss) on defined benefit pension plans, Before-tax Amount | 1,066 | (1,804) | (2,390) |
Net actuarial gain (loss) on defined benefit pension plans, Tax (Expense) Benefit | (273) | 461 | 610 |
Net actuarial gain (loss) on defined benefit pension plans, Net of Tax Amount | 793 | (1,343) | (1,780) |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plans, Before-tax Amount | 1,044 | 857 | 699 |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plans, Tax (Expense) Benefit | (267) | (219) | (178) |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plans, Net of Tax Amount | 777 | 638 | 521 |
Net defined benefit pension plan activity, Before-tax Amount | 2,110 | (947) | (519) |
Net defined benefit pension plan activity, Tax (Expense) Benefit | (540) | 242 | 133 |
Net defined benefit pension plan activity, Net of Tax Amount | 1,570 | (705) | (386) |
Total other comprehensive (loss) income, Before-tax Amount | (85,759) | 38,623 | 65,971 |
Total other comprehensive (loss) income, Tax (Expense) Benefit | 21,573 | (9,307) | (15,988) |
Total other comprehensive (loss) income, Net of Tax Amount | (64,186) | 29,316 | 49,983 |
Comprehensive income, Before-tax Amount | 262,004 | 248,068 | 304,683 |
Comprehensive income, Tax (Expense) Benefit | (56,389) | (54,663) | (68,979) |
Comprehensive income, Net of Tax Amount | $ 205,615 | $ 193,405 | $ 235,704 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Adoption of new accounting standard | Preferred Stock | Common Stock | Common Stock Issuable | Capital Surplus | Retained Earnings (Accumulated Deficit) | Retained Earnings (Accumulated Deficit)Adoption of new accounting standard | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2018 | $ 1,457,554 | $ (549) | $ 0 | $ 79,234 | $ 10,744 | $ 1,499,584 | $ (90,419) | $ (549) | $ (41,589) |
Beginning balance (shares) at Dec. 31, 2018 | 79,234,077 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 185,721 | 185,721 | |||||||
Other comprehensive income (loss) | 49,983 | 49,983 | |||||||
Purchases of common stock | $ (13,020) | $ (500) | (12,520) | ||||||
Purchases of common stock (shares) | (500,495) | (500,495) | |||||||
Common stock dividends | $ (54,601) | (54,601) | |||||||
Impact of equity-based compensation awards | 8,130 | $ 122 | 1,476 | 6,532 | |||||
Impact of equity-based compensation awards (shares) | 122,100 | ||||||||
Impact of other equity plans | 2,474 | $ 158 | (729) | 3,045 | |||||
Impact of other equity plans (shares) | 158,047 | ||||||||
Ending balance at Dec. 31, 2019 | 1,635,692 | $ (3,529) | 0 | $ 79,014 | 11,491 | 1,496,641 | 40,152 | $ (3,529) | 8,394 |
Ending balance (shares) at Dec. 31, 2019 | 79,013,729 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 164,089 | 164,089 | |||||||
Other comprehensive income (loss) | 29,316 | 29,316 | |||||||
Issuance of preferred stock | 96,422 | 96,422 | |||||||
Common stock issued for acquisitions | 163,589 | $ 8,131 | 155,458 | ||||||
Common stock issued for acquisitions (shares) | 8,130,633 | ||||||||
Purchases of common stock | $ (20,782) | $ (827) | (19,955) | ||||||
Purchases of common stock (shares) | (826,482) | (826,482) | |||||||
Preferred stock dividends | $ (3,533) | (3,533) | |||||||
Common stock dividends | (60,310) | (60,310) | |||||||
Impact of equity-based compensation awards | 6,086 | $ 202 | 1,120 | 4,764 | |||||
Impact of equity-based compensation awards (shares) | 202,437 | ||||||||
Impact of other equity plans | 490 | $ 155 | (1,756) | 2,091 | |||||
Impact of other equity plans (shares) | 154,962 | ||||||||
Ending balance at Dec. 31, 2020 | 2,007,530 | 96,422 | $ 86,675 | 10,855 | 1,638,999 | 136,869 | 37,710 | ||
Ending balance (shares) at Dec. 31, 2020 | 86,675,279 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 269,801 | 269,801 | |||||||
Other comprehensive income (loss) | (64,186) | (64,186) | |||||||
Common stock issued for acquisitions | 95,525 | $ 2,864 | 92,661 | ||||||
Common stock issued for acquisitions (shares) | 2,863,734 | ||||||||
Purchases of common stock | $ (15,101) | $ (493) | (14,608) | ||||||
Purchases of common stock (shares) | (492,744) | (492,744) | |||||||
Preferred stock dividends | $ (6,876) | (6,876) | |||||||
Common stock dividends | (69,140) | (69,140) | |||||||
Impact of equity-based compensation awards | 3,692 | $ 225 | 1,061 | 2,406 | |||||
Impact of equity-based compensation awards (shares) | 224,706 | ||||||||
Impact of other equity plans | 1,000 | $ 79 | (628) | 1,549 | |||||
Impact of other equity plans (shares) | 78,851 | ||||||||
Ending balance at Dec. 31, 2021 | $ 2,222,245 | $ 96,422 | $ 89,350 | $ 11,288 | $ 1,721,007 | $ 330,654 | $ (26,476) | ||
Ending balance (shares) at Dec. 31, 2021 | 89,349,826 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock dividends (in dollars per share) | $ 0.78 | $ 0.72 | $ 0.68 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities: | |||
Net income | $ 269,801 | $ 164,089 | $ 185,721 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization and accretion, net | (2,063) | (8,586) | 23,952 |
(Release of) provision for credit losses | (37,550) | 80,434 | 13,150 |
Stock-based compensation | 6,554 | 7,887 | 9,360 |
Deferred income tax expense | 20,787 | 2,668 | 14,909 |
Securities (gains) losses, net | (83) | (748) | 1,021 |
Gains from other loan sales, net | (11,267) | (5,420) | (6,867) |
Changes in assets and liabilities: | |||
Decrease (increase) in other assets and accrued interest receivable | 53,416 | (20,139) | (45,789) |
Decrease in accrued expenses and other liabilities | (1,599) | (14,783) | (1,975) |
Decrease (increase) in loans held for sale | 61,324 | (46,721) | (39,549) |
Net cash provided by operating activities | 359,320 | 158,681 | 153,933 |
Debt securities held-to-maturity: | |||
Proceeds from maturities and calls | 68,319 | 57,981 | 50,379 |
Purchases | (806,405) | (157,465) | (59,629) |
Debt securities available-for-sale and equity securities with readily determinable fair values: | |||
Proceeds from sales | 288,986 | 40,625 | 352,106 |
Proceeds from maturities and calls | 974,721 | 834,725 | 349,758 |
Purchases | (2,587,420) | (1,456,311) | (294,245) |
Payments for (Proceeds from) Loans and Leases | 178,234 | (1,069,089) | (205,612) |
Equity investments, outflows | (15,595) | (15,885) | 0 |
Equity investments, inflows | 8,481 | 401 | 0 |
Net cash received in (paid for) acquisitions | 103,065 | 195,699 | (19,545) |
Purchases of premises and equipment | (26,483) | (18,462) | (20,944) |
Proceeds from sales of premises and equipment | 4,247 | 903 | 6,595 |
Proceeds from sale of other real estate owned | 3,290 | 1,074 | 2,439 |
Other investing outflows | (610) | 0 | 0 |
Other investing inflows | 767 | 5,241 | 1,916 |
Net cash (used in) provided by investing activities | (1,806,403) | (1,580,563) | 163,218 |
Financing activities: | |||
Net increase in deposits | 2,353,451 | 2,534,471 | 151,401 |
Proceeds from Federal Home Loan Bank advances | 10,000 | 5,000 | 1,625,000 |
Repayment of Federal Home Loan Bank advances | (34,509) | (134,121) | (1,785,000) |
Repayment of long-term debt | (80,632) | 0 | (55,266) |
Proceeds from issuance of long-term debt, net of issuance costs | 0 | 98,552 | 0 |
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 506 | 1,317 | 2,193 |
Proceeds from exercise of options and warrants | 231 | 0 | 212 |
Cash paid for shares withheld to cover payroll taxes related to equity instruments | (3,182) | (3,119) | (1,686) |
Repurchase of common stock | (15,101) | (20,782) | (13,020) |
Proceeds from issuance of Series I preferred stock, net of issuance costs | 0 | 96,422 | 0 |
Cash dividends on common stock | (66,914) | (58,912) | (53,044) |
Cash dividends on preferred stock | (6,876) | (3,533) | 0 |
Net cash provided by (used in) financing activities | 2,156,974 | 2,515,295 | (129,210) |
Net change in cash and cash equivalents | 709,891 | 1,093,413 | 187,941 |
Cash and cash equivalents at beginning of year | 1,608,619 | 515,206 | 327,265 |
Cash and cash equivalents at end of year | $ 2,318,510 | $ 1,608,619 | $ 515,206 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies See the Glossary of Defined Terms at the beginning of this Report for terms used herein. The accounting principles followed by United and the methods of applying these principles conform with GAAP and with general practices within the banking industry. The following is a description of the significant policies. Organization and Basis of Presentation The Holding Company is a bank holding company under the BHC Act and, as of July 1, 2021, a financial holding company under the GLB Act. Financial holding company status allows for engagement in a broader range of financial activities. Prior to that the Holding Company was a bank holding company. The Holding Company’s principal business is conducted by its wholly-owned commercial bank subsidiary, United Community Bank. United is subject to regulation under the BHC Act. The consolidated financial statements include the accounts of the Holding Company, the Bank and other wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Effective July 1, 2021, the Bank moved its headquarters from Blairsville, Georgia to Greenville, South Carolina and became a South Carolina state-chartered bank subject to examination and reporting requirements of the SCBFI. Prior to that date, the Bank was a Georgia state-chartered bank subject to examination and reporting requirements of the GADBF. The Bank serves both rural and metropolitan markets in Georgia, South Carolina, North Carolina, Tennessee and Florida and provides a full range of banking services. The Bank is insured by and subject to the regulation of the FDIC. Use of Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the balance sheet and revenue and expenses for the years then ended. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change are the determination of the ACL, the valuation of acquired loans, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of goodwill and separately identifiable intangible assets associated with mergers and acquisitions, and the valuation of deferred tax assets. Operating Segments Operating segments are components of a business about which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. Public companies are required to report certain financial information about operating segments in interim and annual financial statements. United’s community banking operations are divided among geographic regions and local community banks within those regions. Those regions and banks have similar economic characteristics and are therefore considered to be one operating segment. Additionally, management assessed other operating units to determine if they should be classified and reported as segments, including Mortgage, Wealth Management and Commercial Banking Solutions. Qualitatively, these business units are primarily operating in the same geographic footprint as the community banks and face many of the same customers as the community banks. While the chief operating decision maker does have some limited production information for these entities, that information is not complete since it does not include a full allocation of revenue, costs and capital from key corporate functions. The business units are currently viewed more as a product line extension of the community banks. However, management will continue to evaluate these business units for separate reporting as facts and circumstances change. Based on this analysis, United concluded that it has one operating and reportable segment. Cash and Cash Equivalents Cash equivalents include amounts due from banks, interest-bearing deposits in banks, federal funds sold, commercial paper, reverse repurchase agreements and short-term investments and are carried at cost. Federal funds are generally sold for one-day periods, interest-bearing deposits in banks are available on demand and commercial paper investments and reverse repurchase agreements mature within a period of less than 90 days. Investment Securities Debt Securities: Debt securities are classified as HTM and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities are classified as AFS when they may be sold before maturity. AFS securities are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. Interest income includes amortization of purchase premiums or discounts. Premiums and discounts on securities are generally amortized or accreted on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Premiums on callable debt securities are amortized to their earliest call date. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Transfers of securities between categories are recorded at fair value at the date of transfer. Unrealized holding gains or losses associated with transfers of securities from AFS to HTM are included in the balance of AOCI in the consolidated balance sheets. These unrealized holding gains or losses are amortized/accreted into income over the remaining life of the security as an adjustment to the yield in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on nonaccrual is reversed against interest income. United implemented CECL upon adoption of ASC 326 on January 1, 2020. The CECL framework requires an estimate of expected credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts. The following discussion provides a description of the methodology applied to calculate the ACL under CECL. Prior to the adoption of ASC 326, management evaluated securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warranted such evaluation. ACL - HTM Debt Securities: Management measures current expected credit losses on HTM debt securities on a collective basis by major security type. The estimate of current expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management classifies the HTM portfolio into the following major security types: U.S. Treasuries, U.S. Government agencies and GSEs, state and political subdivisions, residential mortgage-backed, agency and GSEs, commercial mortgage-backed, agency and GSEs and supranational entities. Accrued interest receivable on HTM debt is excluded from the estimate of credit losses. All of the residential and commercial mortgage-backed securities held by United as HTM are issued by U.S. Government agencies and GSEs. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The state and political subdivision securities are highly rated by major rating agencies. ACL - AFS Debt Securities: For AFS debt securities in an unrealized loss position, United first assesses whether it intends to sell, or whether it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For AFS debt securities that do not meet the aforementioned criteria, United evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any amount of unrealized loss that has not been recorded through an ACL is recognized in other comprehensive income. Accrued interest receivable on AFS debt securities is excluded from the estimate of credit losses. Changes in the ACL are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the ACL when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Equity securities: Equity securities are included in other assets on the consolidated balance sheets. Those with readily determinable fair values are carried at fair value with changes in fair value recognized in net income. Those without readily determinable fair values include, among others, FHLB stock held to meet FHLB requirements related to outstanding advances and CRA equity investments, including those where the returns are primarily derived from LIHTC. FHLB stock, which totaled $9.23 million at December 31, 2021, is accounted for using the cost method of accounting. LIHTC investments are accounted for using the proportional amortization method of accounting for qualified affordable housing investments which results in the amortization being reported as a component of income tax expense. Obligations related to unfunded commitments for LIHTC investments are reported in other liabilities. Other CRA investments are accounted for using the equity method of accounting. As conditions warrant, management reviews investments for impairment and adjusts the carrying value of the investment if it is deemed to be impaired. Loans Held for Sale United has elected the fair value option for mortgage loans held for sale in order to reduce certain timing differences and match changes in fair values of the loans with changes in the fair value of derivative instruments used to economically hedge them. Loans and Leases Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts and deferred fees and costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income over the life of the loan. Equipment Financing Lease Receivables: Equipment financing lease receivables, which are classified as sales-type or direct financing leases, are recorded as the sum of the future minimum lease payments, initial deferred costs and, if applicable, estimated or contractual residual values less unearned income and security deposits. For lease receivables with a residual value, the determination of such value is derived from a variety of sources including equipment valuation services, appraisals, and publicly available market data on recent sales transactions on similar equipment. The length of time until contract termination, the cyclical nature of equipment values and the limited marketplace for re-sale of certain leased assets are important variables considered in making this determination. Interest income, which is included in loan interest revenue in the consolidated statements of income, is recognized as earned using the effective interest method. Direct fees and costs associated with the origination of leases are deferred and included as a component of equipment financing receivables. Net deferred fees or costs are recognized as an adjustment to interest income over the contractual life of the lease using the effective interest method. These lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term. United excludes sales taxes from consideration in these lease contracts. PCD Loans (CECL): In acquisitions, United may acquire loans, some of which have experienced more than insignificant credit deterioration since origination. In those cases, United will consider internal loan grades, delinquency status and other relevant factors in assessing whether purchased loans are PCD. PCD loans are recorded at their fair value at the acquisition date. An initial ACL is determined using the same methodology as other loans held for investment and recognized as an adjustment to the acquisition price of the asset; thus, the sum of the loan's purchase price and ACL becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent to initial recognition, PCD loans are subject to the same interest income recognition and impairment model as non-PCD loans, with changes to the ACL recorded through provision expense. Nonaccrual Loans: The accrual of interest is generally discontinued when a loan becomes 90 days past due or when management believes, after considering economic and business conditions and collection efforts, that the principal or interest will not be collectable in the normal course of business. A loan may continue to accrue interest after 90 days if it is well collateralized and in the process of collection. Past due status is based on contractual terms of the loan. During 2020 and 2021, United granted loan payment deferrals in accordance with the CARES Act and interagency guidance for certain borrowers experiencing temporary cash flow shortages as a result of the COVID-19 pandemic. During the temporary payment deferral period, these loans are not considered past due. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for using the cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest payments are reflected as a reduction of the carrying amount of the loan and interest income is not recognized until the loan balance is reduced to zero. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, there is a sustained period of repayment performance and future payments are reasonably assured. TDRs: A loan for which the terms have been modified resulting in a more than insignificant concession, and for which the borrower is experiencing financial difficulties, is generally considered to be a TDR. Modified terms that result in a TDR include one or a combination of the following: a reduction of the stated interest rate of the loan, an extension of the amortization period that would not otherwise be considered in the current market for new debt with similar risk characteristics; a restructuring of the borrower’s debt into an “A/B note structure” in which the A note would fall within the borrower’s ability to pay and the remainder would be included in the B note; a mandated bankruptcy restructuring; or interest-only payment terms greater than 90 days where the borrower is unable to amortize the loan. Collateral dependent TDRs that subsequently default or are placed on nonaccrual are charged down to the fair value of the collateral consistent with United’s policy for nonaccrual loans. In accordance with the CARES Act, United implemented loan modification programs in response to the COVID-19 pandemic in order to provide borrowers with flexibility with respect to repayment terms. These loan modifications were not considered TDRs to the extent that the borrower was impacted by the COVID-19 pandemic and was not more than 30 days past due at December 31, 2019, or in certain circumstances, at the time that the COVID-19 loan modification program was implemented, unless the loan was previously classified as a TDR. Concentration of Credit Risk: Most of United’s business activity is with customers located within the markets where it has banking operations. Therefore, United’s exposure to credit risk is significantly affected by changes in the economy within its markets. Approximately 73% of United’s loan portfolio is secured by real estate and is therefore susceptible to changes in real estate valuations. ACL- Loans United implemented CECL upon adoption of ASC 326 on January 1, 2020. The CECL framework requires an estimate of expected credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts. The following discussion provides a description of the methodology applied to calculate the ACL under CECL. The Incurred Loss method was utilized in periods prior to 2020 and is outlined in detail in our previously filed reports on Form 10-K. The ACL is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the ACL when management believes the uncollectibility of a loan balance is confirmed. Accrued interest receivable is excluded from the estimate of credit losses. Management determines the ACL balance using relevant available information from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit behaviors along with model judgments provide the basis for the estimation of expected credit losses. Adjustments to modeled loss estimates may be made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in economic conditions, property values, or other relevant factors. For the majority of loans and leases the ACL is calculated using a discounted cash flow methodology applied at a loan level with a one-year reasonable and supportable forecast period and a two-year straight-line reversion period. The ACL-loans is measured on a collective basis when similar risk characteristics exist. United has identified the following portfolio segments and calculates the ACL for each using a discounted cash flow methodology at the loan level, with loss rates, prepayment assumptions and curtailment assumptions driven by each loan’s collateral type: Owner occupied commercial real estate - Loans in this category are susceptible to business failure and general economic conditions. Income producing commercial real estate - Common risks for this loan category are declines in general economic conditions, declines in real estate value, declines in occupancy rates, and lack of suitable alternative use for the property. Commercial & industrial - Risks to this loan category include the inability to monitor the condition of the collateral, which often consists of inventory, accounts receivable and other non-real estate assets. Equipment and inventory obsolescence can also pose a risk. Declines in general economic conditions and other events can cause cash flows to fall to levels insufficient to service debt. Commercial construction - Risks common to commercial construction loans are cost overruns, changes in market demand for property, inadequate long-term financing arrangements and declines in real estate values. Equipment financing - Risks associated with equipment financing are similar to those described for commercial and industrial loans, including general economic conditions, as well as appropriate lien priority on equipment, equipment obsolescence and the general mobility of the collateral. Residential mortgage - Residential mortgage loans are susceptible to weakening general economic conditions, increases in unemployment rates and declining real estate values. HELOC - Risks common to home equity lines of credit are general economic conditions, including an increase in unemployment rates, and declining real estate values that reduce or eliminate the borrower’s home equity. Residential construction - Residential construction loans are susceptible to the same risks as residential mortgage loans. Changes in market demand for property lead to longer marketing times resulting in higher carrying costs and declining values. Consumer - Risks common to consumer direct loans include unemployment and changes in local economic conditions as well as the inability to monitor collateral consisting of personal property. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. When the discounted cash flow method is used to determine the ACL, management adjusts the effective interest rate used to discount expected cash flows to incorporate expected prepayments. The ACL on a TDR is measured using the same method as all other loans held for investment, except that the original interest rate is used to discount the expected cash flows, not the rate specified within the restructuring. Determining the Contractual Term: Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a TDR will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by United. ACL - Off-Balance Sheet Credit Exposures Management estimates expected credit losses on commitments to extend credit over the contractual period during which United is exposed to credit risk on the underlying commitments. The ACL on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The ACL is calculated using the same aggregate reserve rates calculated for the funded portion of loans at the portfolio level applied to the amount of commitments expected to fund. Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily using the straight line method over the estimated useful lives of the related assets. Costs incurred for maintenance and repairs are expensed as incurred. The range of estimated useful lives for buildings and improvements is 10 to 40 years, for land improvements, 10 years, and for furniture and equipment, 3 to 10 years. United periodically reviews the carrying value of premises and equipment for impairment whenever events or circumstances indicate that the carrying amount of such assets may not be fully recoverable. Foreclosed Properties (Other Real Estate Owned) Foreclosed property is initially recorded at fair value, less cost to sell. If the fair value, less cost to sell at the time of foreclosure is less than the loan balance, the deficiency is recorded as a loan charge-off against the ACL. If the fair value, less cost to sell, of the foreclosed property decreases during the holding period, a valuation allowance is established with a charge to operating expenses. When the foreclosed property is sold, a gain or loss is recognized on the sale for the difference between the sales proceeds and the carrying amount of the property. Goodwill and Other Intangible Assets Goodwill is an asset representing the future economic benefits from other assets acquired that are not individually identified and separately recognized. Goodwill is measured as the excess of the consideration transferred, net of the fair value of identifiable assets acquired and liabilities assumed at the acquisition date. Goodwill is not amortized, but instead is tested for impairment annually or more frequently if events or circumstances exist that indicate a goodwill impairment test should be performed. Other intangible assets, which are initially recorded at fair value, consist of core deposit and customer list intangibles resulting from acquisitions. Core deposit intangible assets are amortized over their estimated useful lives using the sum-of-the-years-digits method. Customer list intangibles are amortized over their estimated useful lives using the straight-line method. Management evaluates other intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from United, the transferee obtains the right, free of conditions that constrain it from taking advantage of that right, to pledge or exchange the transferred assets and United does not maintain effective control over the transferred assets through an agreement to repurchase them before maturity. Servicing Rights United records a separate servicing asset for SBA loans, USDA loans, and residential mortgage loans when the loan is sold but servicing is retained. This asset represents the right to service the loans and receive a fee in compensation. Servicing assets are initially recorded at their fair value as a component of the sale proceeds. The fair value of the servicing assets is based on an analysis of discounted cash flows that incorporates estimates of (1) market servicing costs, (2) market-based prepayment rates, and (3) market profit margins. Servicing assets are included in other assets. United has elected to subsequently measure the servicing assets for government guaranteed loans and residential mortgage loans at fair value. The rate of prepayment of loans serviced is the most significant estimate involved in the measurement process. Estimates of prepayment rates are based on market expectations of future prepayment rates, industry trends, and other considerations. Actual prepayment rates will differ from those projected by management due to changes in a variety of economic factors, including prevailing interest rates and the availability of alternative financing sources to borrowers. If actual prepayments of the loans being serviced were to occur more quickly than projected, the carrying value of servicing assets might have to be written down through a charge to earnings in the current period. If actual prepayments of the loans being serviced were to occur more slowly than had been projected, the carrying value of servicing assets could increase, and servicing income would exceed previously projected amounts. United accounts for the servicing liabilities associated with sold equipment financing loans using the amortization method. Servicing liabilities are included in accrued expenses and other liabilities. BOLI United has purchased life insurance policies on certain key executives and members of management. United has also received life insurance policies on members of acquired bank management teams through acquisitions of other banks. BOLI is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other changes or other amounts due that are probable at settlement. Operating Leases United records a ROU asset, included in other assets, and a related lease liability, included in other liabilities, for eligible operating leases for which it is the lessee, which include leases for land, buildings, and equipment. At lease commencement, United records the ROU asset and related lease liability based on the present value of lease payments over the lease term. Absent a readily determinable interest rate in the lease agreement, United utilizes the Bank’s incremental borrowing rate for secured borrowings as the discount rate used in the present value calculation. Payments related to these leases consist primarily of base rent and, in the case of building leases, additional operating costs associated with the leased property such as common area maintenance and utilities. In most cases these operating costs vary over the term of the lease, and therefore are classified as variable lease costs, which are recognized as incurred in the consolidated statement of income. In addition, certain operating leases include costs such as property taxes and insurance, which are recognized as incurred in the consolidated statement of income. Many of United’s operating leases contain renewal options, which are included in the measurement of the ROU asset and lease liability to the extent they are reasonably certain to be exercised. United also subleases and leases certain real estate properties to third parties under operating leases. United does not recognize a lease liability or ROU asset on the consolidated balance sheet related to short-term leases with a term of less than one year. Lease payments for short-term leases are recognized as expense over the lease term. Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The face amount for these items represents the exposure to loss before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Revenue from Contracts with Customers In addition to lending and related activities, United offers various services to customers that generate revenue, certain of which are governed by ASC Topic 606 Revenue from Contracts with Customers . United’s services that fall within the scope of this topic are presented within noninterest income and include service charges and fees, wealth management fees, and other transaction-based fees. Revenue is recognized when the transactions occur or as services are performed over primarily monthly or quarterly periods. Payment is typically received in the period the transactions occur. Fees may be fixed or, where applicable, based on a percentage of transaction size. Income Taxes DTAs and DTLs are recorded for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not. DTAs and DTLs are measured using enacted tax rates expected to apply to taxable income in the years in which the assets and liabilities are expected to be recovered or settled. The effect of a change in tax rates on DTAs and DTLs is recognized in income tax expense during the period that includes the enactment date. In the event the future tax consequences of differences between the financial reporting bases and the tax bases of assets and liabilities results in DTAs, an evaluation of the probability of being able to realize the future benefits indicated by such asset is required. A valuation allowance is provided for the portion of the DTA when it is more likely than not that some or all of the DTA will not be realized. In assessing the realizability of the DTAs, management considers the scheduled reversals of DTLs, projected future taxable earnings and prudent and feasible tax planning strate |
Accounting Standards Updates an
Accounting Standards Updates and Recently Adopted Standards | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Standards Updates and Recently Adopted Standards | Accounting Standards Updates and Recently Adopted Standards Recently Adopted Standards In August 2021, the FASB issued ASU No. 2021-06, Presentation of Financial Statements (Topic 205), Financial Services - Depository and Lending (Topic 942) and Financial Services - Investment Companies (Topic 946): August 2021 Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and No. 33-10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants . Among other things, this update eliminates redundancies for items covered elsewhere in GAAP, such as loan category presentation. United adopted this update immediately, with no material impact on the consolidated financial statements. In October 2020, the FASB issued ASU No. 2020-10, Codification Improvements . In addition to consolidating existing disclosure guidance into a single codification section to reduce the likelihood of a required disclosure being missed, this update clarifies the application of select guidance in cases where the original guidance may have been unclear. United adopted this update as of January 1, 2021, with no material impact on the consolidated financial statements. In October 2020, the FASB issued ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs . This update clarifies that an entity should reevaluate whether a callable debt security meets the criteria to adjust the amortization period of any related premium at each reporting period. United adopted this update as of January 1, 2021, with no material impact on the consolidated financial statements. In January 2020, the FASB issued ASU No. 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) . This update clarifies whether an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative and how to account for certain forward contracts and purchased options to purchase securities. United adopted this update as of January 1, 2021, with no material impact on the consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This update removes several exceptions related to intraperiod tax allocation when there is a loss from continuing operations and income from other items, foreign subsidiaries becoming equity method investments and vice versa, and calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The guidance also amends requirements related to franchise tax that is partially based on income, a step up in the tax basis of goodwill, allocation of consolidated tax expense to a legal entity not subject to tax in its separate financial statements, the effects of enacted changes in tax laws and other minor codification improvements regarding employee stock ownership plans and investments in qualified affordable housing projects. United adopted this update as of January 1, 2021, with no material impact on the consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans . The update removes disclosures that are no longer considered cost beneficial, clarifies specific requirements of disclosures, and adds disclosure requirements identified as relevant. United adopted this update as of January 1, 2021, with no material impact on the consolidated financial statements. Accounting Standards Updates Not Yet Adopted as of December 31, 2021 In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from contracts with Customers . The update requires that an acquiring entity apply the guidance from Revenue from Contracts with Customers (Topic 606) to recognize and measure contract assets and contract liabilities in a business combination, rather than fair value. For public entities, this guidance is effective for fiscal years beginning after December 15, 2022, with early adoption permitted, and requires prospective application. United does not expect the new guidance to have a material impact on the consolidated financial statements. In July 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments . The update amends the lease classification requirements for lessors to align them with practice under the former lease accounting standard. Specifically, lessors should classify a lease with variable lease payments that do not depend on a reference index or rate as an operating lease if certain criteria are met. Adoption of this update as of January 1, 2022 did not have a material impact on the consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions The following note details acquisitions accounted for as business combinations during the periods covered by this Report. Accordingly, assets acquired and liabilities assumed are presented at fair value as of the acquisition date. The determination of fair value requires management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. Goodwill is established when the fair value of consideration paid exceeds the fair value of the identifiable assets acquired and liabilities assumed. Fair values are considered preliminary for a period not to exceed one year after the acquisition date and are subject to refinement as information relative to closing date fair values becomes available. FinTrust On July 6, 2021, United completed the acquisition of FinTrust, an investment advisory firm headquartered in Greenville, South Carolina, with additional locations in Anderson, South Carolina, and Athens and Macon, Georgia. The firm provides wealth and investment management services to individuals and institutions within its markets. United’s operating results for the year ended December 31, 2021 include FinTrust’s operating results for the period subsequent to the acquisition date. FinTrust shareholders received $21.7 million in total consideration, which consisted of $4.40 million (132,299 shares) of United common stock, $9.62 million in cash paid at closing, $4.40 million in cash payable due on the first anniversary of the acquisition date and $3.30 million of contingent consideration. The contingent consideration represents an earn-out payment due to the sellers of FinTrust on the second anniversary of the acquisition date. The earn-out payment is subject to the achievement of defined target revenue ratios during the two-year period following the acquisition date, which are expected to be fully achieved. At acquisition, United recognized $22.8 million of assets and $1.10 million of liabilities. Assets recorded as a result of the acquisition included goodwill of $14.2 million and a customer relationship intangible of $7.53 million. Goodwill reflects the value of FinTrust’s broad array of products and services, which enhances United’s existing wealth management business. Goodwill is expected to be deductible for tax purposes. United is amortizing the related customer relationship intangible using the straight-line method over 15 years, which represents the expected useful life of the asset. In addition, United recognized right-of-use assets and operating lease liabilities totaling $822,000 for FinTrust’s leased locations. Aquesta On October 1, 2021, United completed the acquisition of Aquesta, a bank headquartered in Cornelius, North Carolina, which operated a network of branches primarily located in the Charlotte metropolitan area. United’s operating results for the year ended December 31, 2021 include the operating results of the acquired business for the period subsequent to the acquisition date of October 1, 2021. The following table presents purchased assets and assumed liabilities recorded at their acquisition date fair values and consideration transferred as well as supplementary information related to the acquired loan portfolio at the acquisition date (in thousands) . Aquesta Fair Value Recorded by United October 1, 2021 Assets Cash and cash equivalents $ 153,091 Debt securities 60,762 Loans 498,312 Premises and equipment 18,112 BOLI 12,540 Accrued interest receivable 1,419 Net deferred tax asset 2,129 Core deposit intangible 2,030 Other assets 7,553 Total assets acquired 755,948 Liabilities Deposits 657,724 FHLB advances 24,509 Other liabilities 12,084 Total liabilities assumed 694,317 Total identifiable net assets 61,631 Consideration transferred Cash 40,542 Common stock issued (2,731,435 shares) 89,646 Option and warrant equity instruments converted 1,478 Total fair value of consideration transferred 131,666 Goodwill $ 70,035 Supplementary Information on Acquired Loans October 1, 2021 PCD loans: Par Value $ 75,579 ACL at acquisition (3,544) Non-credit discount (692) Purchase price $ 71,343 Non-PCD loans: Fair value $ 426,969 Gross contractual amounts receivable 482,737 Estimate of contractual cash flows not expected to be collected 3,399 Goodwill represents the intangible value of Aquesta’s business and reputation within the markets it served and is not expected to be deductible for income tax purposes. The Aquesta core deposit intangible will be amortized over its expected useful life of 10 years using the sum-of-the-years-digits method. Three Shores On July 1, 2020, United completed the acquisition of Three Shores, including its wholly-owned subsidiary, Seaside, headquartered in Orlando, Florida. Seaside operated a 14-branch network located in key Florida metropolitan markets. The following table presents purchased assets and assumed liabilities recorded at their acquisition date fair values and consideration transferred as well as supplementary information related to the acquired loan portfolio at the acquisition date (in thousands) Three Shores Fair Value Recorded by United July 1, 2020 Assets Cash and cash equivalents $ 219,807 Debt securities 381,740 Loans 1,427,966 Premises and equipment 1,584 Accrued interest receivable 7,681 Derivative assets 11,800 Net deferred tax asset 15,061 Core deposit intangible 3,360 Other assets 65,340 Total assets acquired 2,134,339 Liabilities Deposits 1,802,694 FHLB advances and long-term debt 144,121 Derivative liabilities 12,165 Other liabilities 28,046 Total liabilities assumed 1,987,026 Total identifiable net assets 147,313 Consideration transferred Cash 24,108 Common stock issued (8,130,633 shares) 163,589 Total fair value of consideration transferred 187,697 Goodwill $ 40,384 Supplementary Information on Acquired Loans July 1, 2020 PCD loans: Par Value $ 283,137 ACL at acquisition (11,152) Non-credit discount (8,694) Purchase price $ 263,291 Non-PCD loans: Fair value $ 1,164,675 Gross contractual amounts receivable 1,358,793 Estimate of contractual cash flows not expected to be collected 76,503 Goodwill represents the intangible value of Three Shores’ business and reputation within the markets it served and is not expected to be deductible for income tax purposes. The Three Shores core deposit intangible will be amortized over its expected useful life of 10 years using the sum-of-the-years-digits method. During the fourth quarter of 2020, within the one-year measurement period, United received additional information regarding acquisition date money market fund balances held by third party investment brokers and accrued interest receivable on certain debt securities and loans. As a result, the provisional fair values assigned to acquired cash and cash equivalents and accrued interest receivable increased by $1.09 million and $116,000, respectively. As a result of these adjustments, goodwill was reduced by $1.21 million. These adjustments are reflected in the fair values presented in the table above. Pro forma information - unaudited The following table discloses the impact of the mergers with Aquesta, FinTrust, Three Shores and the 2019 acquisition of FMBT since the respective acquisition dates through December 31 of the year of acquisition. The table also presents certain pro forma information as if Aquesta and FinTrust had been acquired on January 1, 2020, Three Shores had been acquired January 1, 2019 and FMBT had been acquired on January 1, 2018. These results combine the historical results of the acquired entities with United’s consolidated statements of income and, while adjustments were made for the estimated impact of certain fair value adjustments and other acquisition-related activity, they are not necessarily indicative of what would have occurred had the acquisitions taken place in earlier years. For purposes of pro forma information, merger-related costs incurred in the year of acquisition are excluded from the actual acquisition year results and included in the pro forma acquisition year results. As a result, merger-related costs related to the acquisitions of Aquesta and FinTrust of $9.00 million and $518,000, respectively, are reflected in 2020 pro forma information and merger-related costs related to the acquisition of Three Shores of $5.04 million are reflected in 2019 pro forma information. Merger-related costs related to the acquisition of FMBT of $2.02 million were previously reported in 2018 pro forma information, which is not presented in the following table. The following table presents the actual results and pro forma information for the periods indicated (in thousands) . (Unaudited) Year Ended December 31, Revenue Net Income 2021 Actual Aquesta results included in statement of income since acquisition date $ 2,122 $ (282) Actual FinTrust results included in statement of income since acquisition date 4,326 (26) Supplemental consolidated pro forma as if Aquesta and FinTrust had been acquired January 1, 2020 771,289 279,568 2020 Actual Three Shores results included in statement of income since acquisition date $ 24,541 $ 6,800 Supplemental consolidated pro forma as if Aquesta and FinTrust had been acquired January 1, 2020 and Three Shores had been acquired January 1, 2019 622,848 164,284 2019 Actual FMBT results included in statement of income since acquisition date $ 7,525 $ 4,053 Supplemental consolidated pro forma as if Three Shores had been acquired on January 1, 2019 and FMBT had been acquired January 1, 2018 636,079 210,232 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The supplemental schedule of cash and noncash activities for the periods indicated is as follows (in thousands) . 2021 2020 2019 Cash paid during the period for: Interest $ 32,000 $ 59,967 $ 85,973 Income taxes paid 55,754 36,536 33,776 Significant non-cash investing and financing transactions: Transfers of loans to foreclosed properties 1,849 822 1,173 Unsettled sales of government guaranteed loans — — 8,194 Acquisitions: Assets acquired 848,806 2,174,723 264,937 Liabilities assumed 695,420 1,987,026 212,844 Net assets acquired 153,386 187,697 52,093 Value of common stock issued 94,046 163,589 — Other non-cash consideration (1) 9,178 — — (1) See Note 3, Acquisitions, for further detail. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities At December 31, 2021 and 2020, securities with a carrying value of $1.46 billion and $1.11 billion, respectively, were pledged primarily to secure deposits. The cost basis, unrealized gains and losses, and fair value of HTM debt securities as of the dates indicated are as follows (in thousands) : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value As of December 31, 2021 U.S. Treasuries $ 19,803 $ 20 $ — $ 19,823 U.S. Government agencies & GSEs 70,180 — 1,121 69,059 State and political subdivisions 257,688 4,341 4,080 257,949 Residential MBS, Agency & GSE 381,641 2,021 3,687 379,975 Commercial MBS, Agency & GSE 411,786 4,106 8,915 406,977 Supranational entities 15,000 21 — 15,021 Total $ 1,156,098 $ 10,509 $ 17,803 $ 1,148,804 As of December 31, 2020 U.S. Government agencies & GSEs $ 10,575 $ 26 $ 11 $ 10,590 State and political subdivisions 197,723 7,658 242 205,139 Residential MBS, Agency & GSE 113,400 4,774 1 118,173 Commercial MBS, Agency & GSE 98,663 4,874 246 103,291 Total $ 420,361 $ 17,332 $ 500 $ 437,193 The cost basis, unrealized gains and losses, and fair value of AFS debt securities as of the dates indicated are as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value As of December 31, 2021 U.S. Treasuries $ 218,027 $ 1,661 $ 2,168 $ 217,520 U.S. Government agencies & GSEs 189,855 605 3,428 187,032 State and political subdivisions 263,269 15,237 2,662 275,844 Residential MBS, Agency & GSE 2,079,700 9,785 28,521 2,060,964 Residential MBS, Non-agency 81,925 2,249 4 84,170 Commercial MBS, Agency & GSE 870,563 2,974 16,156 857,381 Commercial MBS, Non-agency 15,202 1,268 — 16,470 Corporate bonds 194,164 814 1,812 193,166 Asset-backed securities 603,824 2,000 1,547 604,277 Total $ 4,516,529 $ 36,593 $ 56,298 $ 4,496,824 As of December 31, 2020 U.S. Treasuries $ 123,677 $ 4,395 $ — $ 128,072 U.S. Government agencies & GSEs 152,596 701 325 152,972 State and political subdivisions 253,630 20,891 49 274,472 Residential MBS, Agency & GSE 1,275,551 29,107 766 1,303,892 Residential MBS, Non-agency 174,322 7,499 128 181,693 Commercial MBS, Agency & GSE 524,852 8,013 597 532,268 Commercial MBS, Non-agency 15,350 1,513 — 16,863 Corporate bonds 70,057 1,711 1 71,767 Asset-backed securities 562,076 1,278 632 562,722 Total $ 3,152,111 $ 75,108 $ 2,498 $ 3,224,721 At year-end 2021 and 2020, there were no holdings of debt obligations of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of shareholders’ equity. The following summarizes HTM debt securities in an unrealized loss position as of the dates indicated (in thousands) : Less than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized As of December 31, 2021 U.S. Government agencies & GSEs $ 64,658 $ 888 $ 4,401 $ 233 $ 69,059 $ 1,121 State and political subdivisions 131,128 3,590 9,006 490 140,134 4,080 Residential MBS, Agency & GSE 289,132 3,687 — — 289,132 3,687 Commercial MBS, Agency & GSE 314,049 8,540 10,384 375 324,433 8,915 Total unrealized loss position $ 798,967 $ 16,705 $ 23,791 $ 1,098 $ 822,758 $ 17,803 As of December 31, 2020 U.S. Government agencies & GSEs $ 4,677 $ 11 $ — $ — $ 4,677 $ 11 State and political subdivisions 14,870 242 — — 14,870 242 Residential MBS, Agency & GSE 999 1 — — 999 1 Commercial MBS, Agency & GSE 24,956 236 1,352 10 26,308 246 Total unrealized loss position $ 45,502 $ 490 $ 1,352 $ 10 $ 46,854 $ 500 The following summarizes AFS debt securities in an unrealized loss position as of the dates indicated (in thousands) : Less than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized As of December 31, 2021 U.S. Treasuries $ 111,606 $ 2,168 $ — $ — $ 111,606 $ 2,168 U.S. Government agencies & GSEs 132,893 2,591 20,093 837 152,986 3,428 State and political subdivisions 69,302 2,581 3,148 81 72,450 2,662 Residential MBS, Agency & GSE 1,534,744 25,799 74,481 2,722 1,609,225 28,521 Residential MBS, Non-agency 12,608 4 — — 12,608 4 Commercial MBS, Agency & GSE 582,235 13,098 66,014 3,058 648,249 16,156 Corporate bonds 149,246 1,811 16 1 149,262 1,812 Asset-backed securities 195,164 1,546 571 1 195,735 1,547 Total unrealized loss position $ 2,787,798 $ 49,598 $ 164,323 $ 6,700 $ 2,952,121 $ 56,298 As of December 31, 2020 U.S. Government agencies & GSEs $ 27,952 $ 324 $ 607 $ 1 $ 28,559 $ 325 State and political subdivisions 9,402 49 — — 9,402 49 Residential MBS, Agency & GSE 232,199 766 — — 232,199 766 Residential MBS, Non-agency 2,331 128 — — 2,331 128 Commercial MBS, Agency & GSE 89,918 597 — — 89,918 597 Corporate bonds 1,410 1 — — 1,410 1 Asset-backed securities 87,305 28 53,587 604 140,892 632 Total unrealized loss position $ 450,517 $ 1,893 $ 54,194 $ 605 $ 504,711 $ 2,498 At December 31, 2021, there were 408 AFS debt securities and 94 HTM debt securities that were in an unrealized loss position. Management does not intend to sell nor believes it will be required to sell securities in an unrealized loss position prior to the recovery of its amortized cost basis. Unrealized losses at December 31, 2021 and 2020 were primarily attributable to changes in interest rates. At December 31, 2021 and 2020, calculated credit losses and, thus, the related ACL on HTM debt securities were de minimis due to the high credit quality of the portfolio, which included securities issued or guaranteed by the U.S. Treasury, U.S. Government agencies, GSEs, high credit quality municipalities and supranational entities. As a result, no ACL was recorded on the HTM portfolio at December 31, 2021 and 2020. In addition, based on the assessment performed as of December 31, 2021 and 2020, there was no ACL required related to the AFS portfolio. See Note 1 for additional details on the ACL as it relates to the securities portfolio. The following table presents accrued interest receivable for the periods indicated on HTM and AFS debt securities (in thousands) , which was excluded from the estimate of credit losses. Accrued Interest Receivable December 31, 2021 December 31, 2020 HTM $ 3,596 $ 1,784 AFS 9,868 9,114 Realized gains and losses are derived using the specific identification method for determining the cost of the securities sold. The following summarizes securities sales activities for the years ended December 31 (in thousands) : 2021 2020 2019 Proceeds from sales $ 288,986 $ 40,625 $ 352,106 Gross gains on sales $ 2,346 $ 748 $ 1,843 Gross losses on sales (2,263) — (2,864) Net gains (losses) on sales of securities $ 83 $ 748 $ (1,021) Income tax expense (benefit) attributable to sales $ (46) $ 191 $ (247) The amortized cost and fair value of AFS and HTM debt securities at December 31, 2021, by contractual maturity, are presented in the following table (in thousands). Expected maturities may differ from contractual maturities because issuers and borrowers may have the right to call or prepay obligations. AFS HTM Amortized Cost Fair Value Amortized Cost Fair Value Within 1 year: U.S. Treasuries $ 54,974 $ 55,418 $ — $ — U.S. Government agencies & GSEs 87 87 — — State and political subdivisions 15,008 15,247 5,200 5,324 Corporate bonds 2,657 2,657 — — 72,726 73,409 5,200 5,324 1 to 5 years: U.S. Treasuries 74,101 74,800 — — U.S. Government agencies & GSEs 22,946 22,798 — — State and political subdivisions 33,290 34,711 8,762 9,548 Corporate bonds 100,553 99,958 — — 230,890 232,267 8,762 9,548 5 to 10 years: U.S. Treasuries 88,952 $ 87,302 $ 19,803 $ 19,823 U.S. Government agencies & GSEs 79,812 77,606 31,962 31,578 State and political subdivisions 135,265 140,348 38,188 38,784 Corporate bonds 90,169 89,657 — — Supranational entities — — 15,000 15,021 394,198 394,913 104,953 105,206 More than 10 years: U.S. Government agencies & GSEs 87,010 86,541 38,218 37,481 State and political subdivisions 79,706 85,538 205,538 204,293 Corporate bonds 785 894 — — 167,501 172,973 243,756 241,774 Debt securities not due at a single maturity: Asset-backed securities 603,824 604,277 — — Residential MBS 2,161,625 2,145,134 381,641 379,975 Commercial MBS 885,765 873,851 411,786 406,977 Total $ 4,516,529 $ 4,496,824 $ 1,156,098 $ 1,148,804 |
Loans and Leases and Allowance
Loans and Leases and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Loans and Leases and Allowance for Credit Losses | Loans and Leases and Allowance for Credit Losses Major classifications of the loan and lease portfolio (collectively referred to as the “loan portfolio” or “loans”) are summarized as of the dates indicated as follows (in thousands) : December 31, 2021 2020 Owner occupied commercial real estate $ 2,321,685 $ 2,090,443 Income producing commercial real estate 2,600,858 2,540,750 Commercial & industrial (1) 1,910,162 2,498,560 Commercial construction 1,014,830 967,305 Equipment financing 1,083,021 863,830 Total commercial 8,930,556 8,960,888 Residential mortgage 1,637,885 1,284,920 HELOC 694,034 697,117 Residential construction 359,815 281,430 Consumer 138,056 146,460 Total loans 11,760,346 11,370,815 Less ACL - loans (102,532) (137,010) Loans, net $ 11,657,814 $ 11,233,805 (1) Commercial and industrial loans as of December 31, 2021 and 2020 included $88.3 million and $646 million of PPP loans, respectively. At December 31, 2021 and 2020, $1.01 million and $2.18 million, respectively, in overdrawn deposit accounts were reclassified as consumer loans. Accrued interest receivable related to loans totaled $28.5 million and $35.5 million at December 31, 2021 and 2020, respectively, and was reported in accrued interest receivable on the consolidated balance sheets. At December 31, 2021, the loan portfolio was subject to blanket pledges on certain qualifying loan types with the FHLB to secure contingent funding sources. The following table presents loans held for investment that were sold in the periods presented (in thousands). The gains and losses on these loan sales were included in noninterest income on the consolidated statements of income. Loans Sold 2021 2020 2019 Guaranteed portion of SBA/USDA loans $ 90,903 $ 48,385 $ 81,158 Equipment financing receivables 59,097 27,018 30,952 Indirect auto loans — — 102,789 Total $ 150,000 $ 75,403 $ 214,899 At December 31, 2021 and 2020, equipment financing assets included leases of $37.7 million and $36.8 million, respectively. The components of the net investment in leases, which included both sales-type and direct financing, are presented below (in thousands) . December 31, 2021 2020 Minimum future lease payments receivable $ 39,962 $ 38,934 Estimated residual value of leased equipment 3,216 3,263 Initial direct costs 669 672 Security deposits (687) (727) Purchase accounting premium — 117 Unearned income (5,432) (5,457) Net investment in leases $ 37,728 $ 36,802 Minimum future lease payments expected to be received from equipment financing lease contracts as of December 31, 2021 were as follows (in thousands) : Year 2022 $ 15,667 2023 11,601 2024 7,100 2025 4,136 2026 1,369 Thereafter 89 Total $ 39,962 Nonaccrual and Past Due Loans The following table presents the amortized cost basis in loans by aging category and accrual status as of December 31, 2021 and 2020 (in thousands). Loans with active COVID-19 deferrals are not reported as past due to the extent they are in compliance with the deferral terms. Accruing Loans Past Due Current Loans 30 - 59 Days 60 - 89 Days > 90 Days Nonaccrual Loans Total Loans As of December 31, 2021 Owner occupied commercial real estate $ 2,318,944 $ 27 $ — $ — $ 2,714 $ 2,321,685 Income producing commercial real estate 2,593,124 146 — — 7,588 2,600,858 Commercial & industrial 1,903,730 584 419 — 5,429 1,910,162 Commercial construction 1,014,211 — 276 — 343 1,014,830 Equipment financing 1,079,180 1,415 685 — 1,741 1,083,021 Total commercial 8,909,189 2,172 1,380 — 17,815 8,930,556 Residential mortgage 1,622,754 1,583 235 — 13,313 1,637,885 HELOC 691,814 920 88 — 1,212 694,034 Residential construction 358,741 654 — — 420 359,815 Consumer 137,564 421 19 — 52 138,056 Total loans $ 11,720,062 $ 5,750 $ 1,722 $ — $ 32,812 $ 11,760,346 As of December 31, 2020 Owner occupied commercial real estate $ 2,079,845 $ 2,013 $ 3 $ — $ 8,582 $ 2,090,443 Income producing commercial real estate 2,522,743 1,608 1,250 — 15,149 2,540,750 Commercial & industrial 2,480,483 1,176 267 — 16,634 2,498,560 Commercial construction 964,947 231 382 — 1,745 967,305 Equipment financing 856,985 2,431 1,009 — 3,405 863,830 Total commercial 8,905,003 7,459 2,911 — 45,515 8,960,888 Residential mortgage 1,265,019 5,549 1,494 — 12,858 1,284,920 HELOC 692,504 1,942 184 — 2,487 697,117 Residential construction 280,551 365 — — 514 281,430 Consumer 145,770 429 36 — 225 146,460 Total loans $ 11,288,847 $ 15,744 $ 4,625 $ — $ 61,599 $ 11,370,815 The following table presents nonaccrual loans by loan class for the periods indicated (in thousands) . Nonaccrual loans December 31, 2021 December 31, 2020 With no allowance With an allowance Total With no allowance With an allowance Total Owner occupied commercial real estate $ 2,141 $ 573 $ 2,714 $ 6,614 $ 1,968 $ 8,582 Income producing commercial real estate 6,873 715 7,588 10,008 5,141 15,149 Commercial & industrial 3,715 1,714 5,429 2,004 14,630 16,634 Commercial construction — 343 343 1,339 406 1,745 Equipment financing — 1,741 1,741 156 3,249 3,405 Total commercial 12,729 5,086 17,815 20,121 25,394 45,515 Residential mortgage 3,126 10,187 13,313 1,855 11,003 12,858 HELOC 219 993 1,212 1,329 1,158 2,487 Residential construction 280 140 420 274 240 514 Consumer 6 46 52 181 44 225 Total $ 16,360 $ 16,452 $ 32,812 $ 23,760 $ 37,839 $ 61,599 Risk Ratings United categorizes commercial loans, with the exception of equipment financing receivables, into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current industry and economic trends, among other factors. United analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a continual basis. United uses the following definitions for its risk ratings: Pass. Loans in this category are considered to have a low probability of default and do not meet the criteria of the risk categories below. Special Mention . Loans in this category are presently protected from apparent loss, however weaknesses exist that could cause future impairment, including the deterioration of financial ratios, past due status and questionable management capabilities. These loans require more than the ordinary amount of supervision. Collateral values generally afford adequate coverage, but may not be immediately marketable. Substandard. These loans are inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged. Specific and well-defined weaknesses exist that may include poor liquidity and deterioration of financial ratios. The loan may be past due and related deposit accounts experiencing overdrafts. There is the distinct possibility that United will sustain some loss if deficiencies are not corrected. If possible, immediate corrective action is taken. Doubtful. Specific weaknesses characterized as Substandard that are severe enough to make collection in full highly questionable and improbable. There is no reliable secondary source of full repayment. Loss. Loans categorized as Loss have the same characteristics as Doubtful; however probability of loss is certain. Loans classified as Loss are charged off. Equipment Financing Receivables and Consumer Purpose Loans . United applies a pass / fail grading system to all equipment financing receivables and consumer purpose loans. Under this system, loans that are on nonaccrual status, become past due 90 days or are in bankruptcy are classified as “fail” and all other loans are classified as “pass”. For reporting purposes, loans classified as “fail” are reported as “substandard” and all other loans are reported as “pass”. The following tables present the risk category of term loans by vintage year, which is the year of origination or most recent renewal, as of the date indicated (in thousands). Term Loans Revolvers Revolvers converted to term loans Total As of December 31, 2021 2021 2020 2019 2018 2017 Prior Pass Owner occupied commercial real estate $ 643,151 $ 674,124 $ 278,702 $ 153,233 $ 139,584 $ 267,460 $ 68,354 $ 17,150 $ 2,241,758 Income producing commercial real estate 668,322 678,487 333,911 221,218 165,563 219,459 41,157 11,830 2,339,947 Commercial & industrial 638,567 270,150 178,944 136,281 50,567 72,904 514,750 4,361 1,866,524 Commercial construction 378,695 303,154 149,740 40,625 22,983 13,206 12,628 1,673 922,704 Equipment financing 563,618 271,913 167,904 63,254 13,145 903 — — 1,080,737 Total commercial 2,892,353 2,197,828 1,109,201 614,611 391,842 573,932 636,889 35,014 8,451,670 Residential mortgage 781,007 370,092 108,091 64,346 71,552 221,131 9 3,915 1,620,143 HELOC — — — — — — 676,545 14,994 691,539 Residential construction 325,111 16,301 2,802 2,278 3,144 9,352 — 33 359,021 Consumer 57,530 29,218 10,757 5,137 1,439 1,355 32,312 111 137,859 4,056,001 2,613,439 1,230,851 686,372 467,977 805,770 1,345,755 54,067 11,260,232 Special Mention Owner occupied commercial real estate 7,772 2,979 16,639 4,374 6,007 2,641 248 286 40,946 Income producing commercial real estate 64,139 27,875 21,875 22,292 18,415 21,880 — — 176,476 Commercial & industrial 1,037 1,831 2,740 597 273 303 2,242 — 9,023 Commercial construction 14,283 16,237 13,149 22,479 11,766 52 — — 77,966 Equipment financing — — — — — — — — — Total commercial 87,231 48,922 54,403 49,742 36,461 24,876 2,490 286 304,411 Residential mortgage — — — — — — — — — HELOC — — — — — — — — — Residential construction — — — — — — — — — Consumer — — — — — — — — — 87,231 48,922 54,403 49,742 36,461 24,876 2,490 286 304,411 Substandard Owner occupied commercial real estate 11,987 1,049 4,216 3,712 5,829 11,088 — 1,100 38,981 Income producing commercial real estate 15,485 12,618 3,779 29,212 6,726 16,531 — 84 84,435 Commercial & industrial 2,741 1,615 5,284 12,685 1,232 5,863 4,326 869 34,615 Commercial construction 3,464 157 272 11 9,750 255 — 251 14,160 Equipment financing 428 590 676 503 84 3 — — 2,284 Total commercial 34,105 16,029 14,227 46,123 23,621 33,740 4,326 2,304 174,475 Residential mortgage 3,339 1,585 2,813 3,229 1,205 4,744 — 827 17,742 HELOC — — — — — — 329 2,166 2,495 Residential construction 407 — 30 51 — 306 — — 794 Consumer 37 16 22 26 22 50 3 21 197 37,888 17,630 17,092 49,429 24,848 38,840 4,658 5,318 195,703 Total $ 4,181,120 $ 2,679,991 $ 1,302,346 $ 785,543 $ 529,286 $ 869,486 $ 1,352,903 $ 59,671 $ 11,760,346 Term Loans Revolvers Revolvers converted to term loans Total As of December 31, 2020 2020 2019 2018 2017 2016 Prior Pass Owner occupied commercial real estate $ 707,501 $ 368,615 $ 231,316 $ 197,778 $ 201,362 $ 229,667 $ 56,273 $ 9,072 $ 2,001,584 Income producing commercial real estate 815,799 376,911 361,539 277,769 206,068 198,080 28,542 12,128 2,276,836 Commercial & industrial 1,092,767 287,857 263,439 115,790 92,968 58,359 515,593 3,777 2,430,550 Commercial construction 314,154 217,643 226,308 53,708 30,812 21,985 20,278 3,947 888,835 Equipment financing 413,653 270,664 125,869 39,982 9,404 445 — — 860,017 Total commercial 3,343,874 1,521,690 1,208,471 685,027 540,614 508,536 620,686 28,924 8,457,822 Residential mortgage 468,945 195,213 125,492 120,944 122,013 230,771 18 5,393 1,268,789 HELOC — — — — — — 675,878 17,581 693,459 Residential construction 225,727 30,646 4,026 4,544 3,172 12,546 — 64 280,725 Consumer 54,997 25,528 14,206 4,531 3,595 1,677 41,445 76 146,055 4,093,543 1,773,077 1,352,195 815,046 669,394 753,530 1,338,027 52,038 10,846,850 Special Mention Owner occupied commercial real estate 8,759 4,088 4,221 10,025 11,138 4,728 100 — 43,059 Income producing commercial real estate 35,471 42,831 39,954 13,238 24,164 11,337 — 1,681 168,676 Commercial & industrial 1,451 16,315 2,176 630 459 17 6,464 — 27,512 Commercial construction 21,366 272 816 23,292 11,775 477 — — 57,998 Equipment financing — — — — — — — — — Total commercial 67,047 63,506 47,167 47,185 47,536 16,559 6,564 1,681 297,245 Residential mortgage — — — — — — — — — HELOC — — — — — — — — — Residential construction — — — — — — — — — Consumer — — — — — — — — — 67,047 63,506 47,167 47,185 47,536 16,559 6,564 1,681 297,245 Substandard Owner occupied commercial real estate 6,586 10,473 7,596 3,717 6,753 8,473 1,528 674 45,800 Income producing commercial real estate 45,125 8,940 2,179 5,034 31,211 2,652 — 97 95,238 Commercial & industrial 1,545 5,536 6,193 1,684 1,292 1,485 22,170 593 40,498 Commercial construction 2,466 735 13,741 340 1,931 250 — 1,009 20,472 Equipment financing 631 1,392 1,371 306 96 17 — — 3,813 Total commercial 56,353 27,076 31,080 11,081 41,283 12,877 23,698 2,373 205,821 Residential mortgage 2,049 2,106 3,174 1,369 679 5,860 — 894 16,131 HELOC — — — — — — 265 3,393 3,658 Residential construction 106 37 54 4 124 380 — — 705 Consumer — 97 49 60 78 98 — 23 405 58,508 29,316 34,357 12,514 42,164 19,215 23,963 6,683 226,720 Total $ 4,219,098 $ 1,865,899 $ 1,433,719 $ 874,745 $ 759,094 $ 789,304 $ 1,368,554 $ 60,402 $ 11,370,815 Troubled Debt Restructurings and Other Modifications As of December 31, 2021 and 2020, United had TDRs totaling $52.4 million and $61.6 million, respectively. As of December 31, 2021 and 2020, United had remaining short-term deferrals related to the COVID-19 crisis of approximately $2.55 million and $70.7 million, respectively, which generally represented payment deferrals for up to 90 days. To the extent that these deferrals qualified under either the CARES Act or interagency guidance, they were not considered new TDRs. Loans modified under the terms of a TDR during the years ended December 31 are presented in the table below. In addition, the following table presents loans modified under the terms of a TDR that defaulted (became 90 days or more delinquent) during the years ended December 31 that were initially restructured within one year prior to default (dollars in thousands) : New TDRs Number of Post-Modification Outstanding Recorded Investment TDRs Modified Within the Year That Have Subsequently Defaulted Year Ended December 31, 2021 Rate Structure Other Total Number of Contracts Recorded Owner occupied commercial real estate 2 $ — $ 731 $ — $ 731 1 $ 99 Income producing commercial real estate 3 — — 1,697 1,697 — — Commercial & industrial 8 — 597 103 700 2 76 Commercial construction 1 — 309 — 309 — — Equipment financing 62 — 4,689 — 4,689 15 375 Total commercial 76 — 6,326 1,800 8,126 18 550 Residential mortgage 16 — 1,528 57 1,585 4 593 HELOC — — — — — 2 92 Residential construction — — — — — — — Consumer — — — — — — — Total 92 $ — $ 7,854 $ 1,857 $ 9,711 24 $ 1,235 Year Ended December 31, 2020 Owner occupied commercial real estate 8 $ — $ 833 $ 1,536 $ 2,369 — $ — Income producing commercial real estate 7 — 4,856 6,699 11,555 1 5,998 Commercial & industrial 4 — 586 15 601 3 819 Commercial construction 7 — 832 70 902 — — Equipment financing 172 — 5,821 5,821 22 944 Total commercial 198 — 12,928 8,320 21,248 26 7,761 Residential mortgage 40 — 4,359 3 4,362 2 145 HELOC 4 — 164 — 164 1 60 Residential construction 3 — 123 — 123 — — Consumer 7 — 11 24 35 1 3 Total 252 $ — $ 17,585 $ 8,347 $ 25,932 30 $ 7,969 Year Ended December 31, 2019 Owner occupied commercial real estate 4 $ — $ 1,739 $ — $ 1,739 — $ — Income producing commercial real estate 3 — 9,013 — 9,013 — — Commercial & industrial 2 — 75 7 82 — — Commercial construction — — — — — — — Equipment financing 9 — 1,071 — 1,071 — — Total commercial 18 — 11,898 7 11,905 — — Residential mortgage 15 — 2,057 — 2,057 1 135 HELOC 1 — 50 — 50 — — Residential construction 1 — — 21 21 1 13 Consumer 5 — — 45 45 — — Indirect auto 15 — — 262 262 — — Total 55 $ — $ 14,005 $ 335 $ 14,340 2 $ 148 Allowance for Credit Losses The following table presents the balance and activity in the ACL by portfolio segment for the periods indicated (in thousands) : CECL Year Ended December 31, 2021 Beginning Initial ACL- PCD loans (1) Charge-Offs Recoveries Provision Ending Owner occupied commercial real estate $ 20,673 $ 280 $ (1,640) $ 1,324 $ (6,355) $ 14,282 Income producing commercial real estate 41,737 982 (267) 496 (18,792) 24,156 Commercial & industrial 22,019 312 (4,776) 7,275 (8,238) 16,592 Commercial construction 10,952 1,969 (334) 1,081 (3,712) 9,956 Equipment financing 16,820 — (5,724) 2,619 2,575 16,290 Residential mortgage 15,341 — (344) 564 (3,171) 12,390 HELOC 8,417 1 (112) 517 (2,255) 6,568 Residential construction 764 — (10) 157 936 1,847 Consumer 287 — (2,066) 1,202 1,028 451 ACL - loans 137,010 3,544 (15,273) 15,235 (37,984) 102,532 ACL - unfunded commitments 10,558 — — — 434 10,992 Total ACL $ 147,568 $ 3,544 $ (15,273) $ 15,235 $ (37,550) $ 113,524 (1) Represents the initial ACL related to PCD loans acquired in the Aquesta transaction. Year Ended December 31, 2020 Dec. 31, 2019 Adoption of CECL Jan. 1, 2020 Initial ACL- PCD loans (1) Charge-Offs Recoveries Provision Ending Owner occupied commercial $ 11,404 $ (1,616) $ 9,788 $ 1,779 $ (70) $ 2,565 $ 6,611 $ 20,673 Income producing commercial 12,306 (30) 12,276 1,208 (8,430) 3,546 33,137 41,737 Commercial & industrial 5,266 4,012 9,278 7,680 (10,707) 1,371 14,397 22,019 Commercial construction 9,668 (2,583) 7,085 74 (726) 1,045 3,474 10,952 Equipment financing 7,384 5,871 13,255 — (8,764) 2,004 10,325 16,820 Residential mortgage 8,081 1,569 9,650 195 (398) 455 5,439 15,341 HELOC 4,575 1,919 6,494 209 (221) 677 1,258 8,417 Residential construction 2,504 (1,771) 733 — (93) 156 (32) 764 Consumer 901 (491) 410 7 (2,985) 2,259 596 287 ACL - loans 62,089 6,880 68,969 11,152 (32,394) 14,078 75,205 137,010 ACL - unfunded commitments 3,458 1,871 5,329 — — — 5,229 10,558 Total ACL $ 65,547 $ 8,751 $ 74,298 $ 11,152 $ (32,394) $ 14,078 $ 80,434 $ 147,568 (1) Represents the initial ACL related to PCD loans acquired in the Three Shores transaction. Incurred Loss Year Ended December 31, 2019 Beginning Charge-Offs Recoveries Provision Ending Owner occupied commercial real estate $ 12,207 $ (5) $ 375 $ (1,173) $ 11,404 Income producing commercial real estate 11,073 (1,227) 283 2,177 12,306 Commercial & industrial 4,802 (5,849) 852 5,461 5,266 Commercial construction 10,337 (290) 1,165 (1,544) 9,668 Equipment financing 5,452 (5,675) 781 6,826 7,384 Residential mortgage 8,295 (616) 481 (79) 8,081 HELOC 4,752 (996) 610 209 4,575 Residential construction 2,433 (306) 157 220 2,504 Consumer 853 (2,390) 911 1,527 901 Indirect auto 999 (663) 186 (522) — ACL - loans 61,203 (18,017) 5,801 13,102 62,089 ACL - unfunded commitments 3,410 — — 48 3,458 Total ACL $ 64,613 $ (18,017) $ 5,801 $ 13,150 $ 65,547 At both December 31, 2021 and 2020, United used a one-year reasonable and supportable forecast period. Expected credit losses were estimated using a regression model for each segment based on historical data from peer banks combined with a third party vendor’s economic forecast to predict the change in credit losses. These estimates were then combined with a starting value that was based on United’s recent default experience, with the results subject to a floor. At December 31, 2021, the third party vendor’s forecast, which was representative of a baseline scenario, improved significantly from December 31, 2020, including the unemployment rate which has a significant impact on our models and led to the negative provision for loan losses in 2021. At December 31, 2021, United applied qualitative factors to the model output for income producing commercial real estate and equipment finance portfolios. With regard to income producing commercial real estate, the qualitative factors reflected continued credit concerns related to the senior care portfolio, elevated criticized loans relative to the pre-pandemic period and inflationary concerns related to the impact of rising rates on commercial real estate values. Qualitative factors for the equipment finance portfolio reflected management’s approximation of long-term loss rates. For periods beyond the reasonable and supportable forecast period of one year, United reverted to historical credit loss information on a straight line basis over two years. For all collateral types excluding residential mortgage, United reverted to through-the-cycle average default rates using peer data from 2000 to 2017. For loans secured by residential mortgages, the peer data was adjusted for changes in lending practices designed to prevent the magnitude of losses observed during the mortgage crisis. PPP loans were considered low risk assets due to the related 100% guarantee by the SBA and were therefore excluded from the calculation. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment Premises and equipment are summarized as follows as of the dates indicated (in thousands) : December 31, 2021 2020 Land and land improvements $ 95,029 $ 82,816 Buildings and improvements 189,339 173,497 Furniture and equipment 100,205 96,157 Construction in progress 10,088 7,590 394,661 360,060 Less accumulated depreciation (149,365) (141,571) Premises and equipment, net $ 245,296 $ 218,489 Depreciation expense was $15.7 million, $15.6 million and $15.3 million for 2021, 2020 and 2019, respectively. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The table below presents the fair value of derivative financial instruments as of the dates indicated as well as their classification on the consolidated balance sheets (in thousands) : December 31, 2021 December 31, 2020 Notional Amount Fair Value Notional Amount Fair Value Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments: Cash flow hedge of subordinated debt $ 100,000 $ 6,389 $ — $ 100,000 $ 3,378 $ — Cash flow hedge of trust preferred securities 20,000 — — 20,000 — — Fair value hedge of brokered CDs 10,000 — — 20,000 — — Total 130,000 6,389 — 140,000 3,378 — Derivatives not designated as hedging instruments: Customer derivative positions 1,206,145 28,656 10,663 1,329,271 72,508 17 Dealer offsets to customer derivative positions 1,230,885 974 9,232 1,329,271 1 24,614 Risk participations 69,385 16 7 48,843 28 12 Mortgage banking - loan commitment 110,897 3,450 — 253,243 10,751 — Mortgage banking - forward sales commitment 201,419 67 202 325,145 — 1,964 Bifurcated embedded derivatives 51,935 2,928 — 51,935 — 1,449 Dealer offsets to bifurcated embedded derivatives 51,935 — 5,041 51,935 — 947 Total 2,922,601 36,091 25,145 3,389,643 83,288 29,003 Total derivatives $ 3,052,601 $ 42,480 $ 25,145 $ 3,529,643 $ 86,666 $ 29,003 Total gross derivative instruments $ 42,480 $ 25,145 $ 86,666 $ 29,003 Less: Amounts subject to master netting agreements (694) (694) (114) (114) Less: Cash collateral received/pledged (6,620) (14,148) (3,200) (27,092) Net amount $ 35,166 $ 10,303 $ 83,352 $ 1,797 United clears certain derivatives centrally through the CME. CME rules legally characterize variation margin payments for centrally cleared derivatives as settlements of the derivatives’ exposure rather than as collateral. As a result, the variation margin payment and the related derivative instruments are considered a single unit of account for accounting purposes. Variation margin, as determined by the CME, is settled daily. As a result, derivative contracts that clear through the CME have an estimated fair value of zero. Hedging Derivatives Cash Flow Hedges of Interest Rate Risk United enters into cash flow hedges to mitigate exposure to the variability of future cash flows or other forecasted transactions. At December 31, 2021 and 2020, United utilized interest rate caps and swaps to hedge the variability of cash flows due to changes in interest rates on certain of its variable-rate subordinated debt and trust preferred securities. United considers these derivatives to be highly effective at achieving offsetting changes in cash flows attributable to changes in interest rates. Therefore, changes in the fair value of these derivative instruments are recognized in OCI. Gains and losses related to changes in fair value are reclassified into earnings in the periods the hedged forecasted transactions occur. Losses representing amortization of the premium recorded on cash flow hedges, which is a component excluded from the assessment of effectiveness, are recognized in earnings on a straight-line basis in the same financial statement line as the hedged item over the term of the hedge. Over the next twelve months United expects to reclassify $523,000 of losses from AOCI into earnings related to these agreements. During 2019 United amortized the remaining balance of losses on de-designated cash flow hedges from AOCI. This was the only effect of cash flow hedges on the consolidated statements of income for the year December 31, 2019. See Note 17 for further detail. Fair Value Hedges of Interest Rate Risk United is exposed to changes in the fair value of certain of its fixed-rate obligations due to changes in interest rates. United uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in interest rates. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in earnings. United includes the gain or loss on the hedged items in the same income statement line item as the offsetting loss or gain on the related derivatives. At December 31, 2021 and 2020, United had interest rate swaps that were designated as fair value hedges of fixed-rate brokered time deposits. The swaps involved the receipt of fixed-rate amounts from a counterparty in exchange for United making variable rate payments over the life of the agreements. In certain cases, the estate of deceased brokered certificate of deposit holders may put the certificate of deposit back to United at par upon the death of the holder. When these events occur (estate puts), a gain or loss is recognized for the difference between the fair value and the par amount of the deposits put back. The change in the fair value of brokered time deposits that are being hedged in fair value hedging relationships reported in the table below includes gains and losses from estate puts. The table below presents the effect of derivatives in hedging relationships on the consolidated statements of income (in thousands) . Year Ended December 31, 2021 2020 2019 Total interest expense presented in the consolidated statements of income $ (29,760) $ (56,237) $ (83,312) Effect of hedging relationships on interest expense: Net income (expense) recognized on fair value hedges 210 281 (360) Net expense recognized on cash flow hedges (1) (2) (608) (359) — (1) Excludes 2019 amortization of losses related to de-designated cash flow hedges. See Note 17 for further detail. (2) Includes $472,000 and $329,000 of premium amortization expense excluded from the assessment of hedge effectiveness for the years ended December 31, 2021 and 2020 . The table below presents the carrying amount of hedged fixed-rate brokered time deposits and cumulative fair value hedging adjustments included in the carrying amount of the hedged liability for the periods presented (in thousands) . December 31, 2021 2020 Balance Sheet Location Carrying amount of Assets (Liabilities) Hedge Accounting Basis Adjustment Carrying amount of Assets (Liabilities) Hedge Accounting Basis Adjustment Deposits $ (10,026) $ (28) $ (20,216) $ (235) Derivatives Not Designated as Hedging Instruments Customer derivative positions include swaps, caps, and collars between United and certain commercial loan customers with offsetting positions to dealers under a back-to-back program. In addition, United occasionally enters into credit risk participation agreements with counterparty banks to accept or transfer a portion of the credit risk related to interest rate swaps. The agreements, which are typically executed in conjunction with a participation in a loan with the same customer, allow customers to execute an interest rate swap with one bank while allowing for the distribution of the credit risk among participating members. United also has three interest rate swap contracts that are economic hedges of market-linked brokered certificates of deposit, but are not designated as hedging instruments. The market-linked brokered certificates of deposit contain embedded derivatives that are bifurcated from the host instruments and marked to market through earnings. The fair value marks on the market linked swaps and the bifurcated embedded derivatives tend to move in opposite directions with changes in 90-day LIBOR and therefore provide an economic hedge. In addition, United originates certain residential mortgage loans with the intention of selling these loans. Between the time United enters into an interest-rate lock commitment to originate a residential mortgage loan that is to be held for sale and the time the loan is funded and eventually sold, United is subject to the risk of variability in market prices. United also enters into forward sale agreements to mitigate risk and to protect the expected gain on the eventual loan sale. The commitments to originate residential mortgage loans and forward loan sales commitments are freestanding derivative instruments. Fair value adjustments on these derivative instruments are recorded within mortgage loan gains and related fees in the consolidated statements of income. The table below presents the gains and losses recognized in income on derivatives not designated as hedging instruments for the periods indicated (in thousands) . Income Statement Location Year Ended December 31, 2021 2020 2019 Customer derivatives and dealer offsets Other noninterest income $ 3,302 $ 6,732 $ 2,878 Bifurcated embedded derivatives and dealer offsets Other noninterest income 433 (63) 212 De-designated hedges Other noninterest income — — (193) Mortgage banking derivatives Mortgage loan revenue (1,805) (7,873) (1,797) Risk participations Other noninterest income (90) (340) (3) Total gains and losses $ 1,840 $ (1,544) $ 1,097 Credit-risk-related Contingent Features United manages its credit exposure on derivative transactions by entering into a bilateral credit support agreement with each non-customer counterparty. The credit support agreements require collateralization of exposures beyond specified minimum threshold amounts. The details of these agreements, including the minimum thresholds, vary by counterparty. United’s agreements with each of its derivative counterparties contain a provision where if either party defaults on any of its indebtedness, then it could also be declared in default on its derivative obligations. The agreements with derivative counterparties also include provisions that if not met, could result in United being declared in default. United has agreements with certain of its derivative counterparties that provide that if United fails to maintain its status as a well-capitalized institution or is subject to a prompt corrective action directive, the counterparty could terminate the derivative positions and United would be required to settle its obligations under the agreements. Derivatives that are centrally cleared do not have credit-risk-related features that require additional collateral if United’s credit rating were downgraded. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The carrying amount of goodwill and other intangible assets is summarized below as of the dates indicated (in thousands) : December 31, 2021 2020 Core deposit intangible $ 38,192 $ 36,162 Less: accumulated amortization (25,870) (22,148) Net core deposit intangible 12,322 14,014 Customer relationship intangible 8,400 — Less: accumulated amortization (322) — Net customer relationship intangible 8,078 — Total intangibles subject to amortization, net 20,400 14,014 Goodwill 452,007 367,809 Total goodwill and other intangible assets, net $ 472,407 $ 381,823 In addition to the FinTrust customer relationship intangible discussed in Note 3, during 2021 United purchased the customer lists of two financial advisory firms for an aggregate purchase price of $870,000. All consideration paid was allocated to a customer relationship intangible. The following is a summary of changes in the carrying amounts of goodwill for the years indicated (in thousands) : Goodwill (1) December 31, 2019 $ 327,425 Acquisition of Three Shores 40,384 December 31, 2020 367,809 Acquisition of FinTrust 14,163 Acquisition of Aquesta 70,035 December 31, 2021 $ 452,007 (1) Goodwill balances presented are shown net of accumulated impairment losses of $306 million incurred prior to 2019. Gross goodwill for December 31, 2021, 2020, and 2019 totaled $758 million, $673 million and $633 million, respectively. The estimated aggregate amortization expense for future periods for finite lived intangibles is as follows (in thousands) : Year 2022 $ 4,081 2023 3,447 2024 2,849 2025 2,169 2026 1,709 Thereafter 6,145 Total $ 20,400 |
Servicing Assets and Liabilitie
Servicing Assets and Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Transfers and Servicing [Abstract] | |
Servicing Assets and Liabilities | Servicing Assets and Liabilities Servicing Rights for SBA/USDA Loans United accounts for servicing rights for SBA/USDA loans at fair value. The following table summarizes the changes in SBA/USDA servicing rights for the years indicated ( in thousands ). 2021 2020 2019 Beginning of period $ 6,462 $ 6,794 $ 7,510 Acquired servicing rights 581 — — Originated servicing rights capitalized upon sale of loans 2,005 1,114 1,835 Disposals (1,430) (624) (1,258) Changes in fair value due to change in inputs or assumptions used in the valuation (1,105) (822) (1,293) End of period $ 6,513 $ 6,462 $ 6,794 The portfolio of SBA/USDA loans serviced for others, which is not included in the accompanying balance sheets, was $428 million and $402 million, respectively, at December 31, 2021 and 2020. The amount of contractually specified servicing fees earned by United on these servicing rights during the years ended December 31, 2021, 2020 and 2019 was $3.90 million, $3.77 million and $3.82 million, respectively. A summary of the key characteristics, inputs, and economic assumptions used in the discounted cash flow method utilized to estimate the fair value of the servicing asset for SBA/USDA loans and the sensitivity of the fair values to immediate adverse changes in those assumptions are shown in the table below as of the dates indicated (dollars in thousands) : December 31, 2021 2020 Fair value of retained servicing assets $ 6,513 $ 6,462 Prepayment rate assumption: Weighted average 16.3 % 17.8 % Range 3.2% - 31.3% 2.7% - 33.6% 10% adverse change $ (309) $ (358) 20% adverse change (591) (680) Discount rate: Weighted average 10.3 % 8.9 % Range 0.0% - 45.4% 1.6% - 44.1% 100 bps adverse change $ (166) $ (171) 200 bps adverse change (323) (333) The above sensitivities are hypothetical and changes in fair value based on variations in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of a variation in a particular assumption is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which might magnify or counteract the sensitivities. Residential Mortgage Servicing Rights United accounts for residential mortgage servicing rights at fair value. The following table summarizes the changes in residential mortgage servicing rights for the years indicated ( in thousands ). 2021 2020 2019 Beginning of period $ 16,216 $ 13,565 $ 11,877 Originated servicing rights capitalized upon sale of loans 12,510 11,911 5,783 Disposals (4,275) (2,868) (1,098) Changes in fair value due to change in inputs or assumptions used in the valuation 710 (6,392) (2,997) End of period $ 25,161 $ 16,216 $ 13,565 The portfolio of residential mortgage loans serviced for others, which is not included in the consolidated balance sheets, was $2.82 billion and $2.31 billion, respectively, at December 31, 2021 and 2020. The amount of contractually specified servicing fees earned by United on these servicing rights during the years ended December 31, 2021, 2020 and 2019 was $6.48 million, $4.82 million and $3.67 million, respectively. A summary of the key characteristics, inputs, and economic assumptions used to estimate the fair value of the servicing asset for residential mortgage loans and the sensitivity of the fair values to immediate adverse changes in those assumptions are shown in the table below as of the dates indicated (in thousands) : December 31, 2021 2020 Fair value of retained servicing assets $ 25,161 $ 16,216 Prepayment rate assumption: Weighted average 12.6 % 17.7 % Range 7.0% - 77.6% 8.7% - 19.5% 10% adverse change $ (1,229) $ (999) 20% adverse change (2,367) (1,912) Discount rate: Weighted average 9.5 % 10.0 % Range 9.5% - 10.5% 10.0% - 11.0% 100 bps adverse change $ (877) $ (518) 200 bps adverse change (1,693) (1,001) The above sensitivities are hypothetical and changes in fair value based on variations in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of a variation in a particular assumption is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which might magnify or counteract the sensitivities. Servicing Liabilities for Equipment Financing Loans United accounts for servicing liabilities associated with sold equipment finance loans using the amortization method. The portfolio of equipment financing loans serviced for others, which is not included in the accompanying balance sheets, was $78.8 million and $45.5 million at December 31, 2021 and 2020, respectively. The servicing liabilities related to these loans totaled $675,000 and $357,000 at December 31, 2021 and 2020, respectively. |
Time Deposits
Time Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Time Deposits | Time Deposits At December 31, 2021, the contractual maturities of time deposits, including brokered time deposits, are summarized as follows (in thousands) : 2022 $ 1,237,100 2023 142,305 2024 35,497 2025 21,479 2026 19,810 Thereafter 50,260 Total time deposits $ 1,506,451 At December 31, 2021 and 2020, time deposits, excluding brokered time deposits, that met or exceeded the FDIC insurance limit of $250,000 totaled $269 million and $317 million, respectively. |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt Long-term debt consisted of the following (in thousands) : December 31, Issue Date Stated Maturity Date Earliest Call Date 2021 2020 Interest Rate Obligations of the Bank: 2026 subordinated debentures $ — $ 15,000 2016 2026 2021 5.875% through August 2021, 3-month LIBOR plus 4.70% thereafter — 15,000 Obligations of the Holding Company: 2022 senior debentures — 50,000 2015 2022 2020 5.000% through August 2020, 3-month LIBOR plus 3.814% thereafter 2027 senior debentures 35,000 35,000 2015 2027 2025 5.500% through August 2025, 3-month LIBOR plus 3.71% thereafter 2030 senior debentures 100,000 100,000 2020 2030 2025 5.00% through June 2025, 3-month SOFR plus 4.87% thereafter Total senior debentures 135,000 185,000 2028 subordinated debentures 100,000 100,000 2018 2028 2023 4.500% through January 2023, 3-month LIBOR plus 2.12% thereafter 2025 subordinated debentures — 11,250 2015 2025 2020 6.250% Total subordinated debentures 100,000 111,250 Southern Bancorp Capital Trust I — 4,382 2004 2034 2009 Prime + 1.00% Tidelands Statutory Trust I 8,248 8,248 2006 2036 2011 3-month LIBOR plus 1.38% Four Oaks Statutory Trust I 12,372 12,372 2006 2036 2011 3-month LIBOR plus 1.35% Total trust preferred securities 20,620 25,002 Less net discount (8,260) (9,296) Total long-term debt $ 247,360 $ 326,956 Interest is currently paid at least semiannually for all senior and subordinated debentures, and trust preferred securities. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Operating Leases | Operating Leases The following table presents the balances of the ROU asset and corresponding operating lease liability as of the dates indicated (in thousands). December 31, Balance Sheet Location 2021 2020 ROU asset Other assets $ 29,421 $ 31,398 Operating lease liability Other liabilities 31,072 33,095 During 2021, United obtained building and office space ROU assets resulting in an increase in its operating lease liability of $4.49 million. Leases assumed as part of the FinTrust and Aquesta transactions accounted for $2.87 million of the increase. During 2020, United obtained building and office space ROU assets resulting in an increase in its operating lease liability of $17.4 million. Leases assumed as part of the Three Shores transaction accounted for $15.1 million of the increase. The table below presents the operating lease income and expense recognized for the periods indicated (in thousands). Income Statement Location 2021 2020 2019 Operating lease cost Occupancy expense $ 8,186 $ 6,449 $ 5,067 Variable lease cost Occupancy expense 1,066 757 449 Short-term lease cost Occupancy expense 85 100 136 Total lease cost $ 9,337 $ 7,306 $ 5,652 Sublease income and rental income from owned properties under operating leases Other noninterest income $ 976 $ 1,022 $ 1,160 Weighted average remaining lease term 5.40 years 5.74 years 5.33 years Weighted average discount rate 1.58 % 1.79 % 2.79 % As of December 31, 2021, future minimum lease payments under operating leases were as follows (in thousands) : Year 2022 $ 8,197 2023 8,080 2024 4,222 2025 2,933 2026 2,756 Thereafter 6,242 Total 32,430 Less discount (1,358) Present value of lease liability $ 31,072 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, United uses a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). United has processes in place to review the significant valuation inputs and to reassess how the instruments are classified in the valuation framework. Fair Value Hierarchy Level 1 Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that United has the ability to access. Level 2 Valuation is based upon quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 Valuation is generated from model-based techniques that use at least one significant assumption based on unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. United’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The following is a description of the valuation methodologies used for assets and liabilities recorded at fair value. Investment Securities AFS debt securities and equity securities with readily determinable fair values are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include mortgage-backed securities issued by government sponsored entities, municipal bonds, corporate debt securities and asset-backed securities and are valued based on observable inputs that include: quoted market prices for similar assets, quoted market prices that are not in an active market or other inputs that are observable in the market and can be corroborated by observable market data for substantially the full term of the securities. Securities classified as Level 3 include those traded in less liquid markets and are valued based on estimates obtained from broker-dealers that are not directly observable. Deferred Compensation Plan Assets and Liabilities Included in other assets in the consolidated balance sheets are assets related to employee deferred compensation plans. The assets associated with these plans are invested in mutual funds and classified as Level 1. Deferred compensation liabilities, also classified as Level 1, are carried at the fair value of the obligation to the employee, which mirrors the fair value of the invested assets and is included in other liabilities in the consolidated balance sheets. Mortgage Loans Held for Sale United has elected the fair value option for newly originated mortgage loans held for sale in order to reduce certain timing differences and better match changes in fair values of the loans with changes in the value of derivative instruments used to economically hedge them. The fair value of mortgage loans held for sale is determined using quoted prices for a similar asset, adjusted for specific attributes of that loan and are classified as Level 2. Derivative Financial Instruments United uses derivatives to manage interest rate risk. The valuation of these instruments is typically determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts and the discounted expected variable cash payments. The variable cash payments are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. United also uses best effort and mandatory delivery forward loan sale commitments to hedge risk in its mortgage lending business. United incorporates credit valuation adjustments (“CVAs”) as necessary to appropriately reflect the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, United has considered the effect of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. Management has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy. However, the CVAs associated with these derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. Generally, management’s assessment of the significance of the CVAs has indicated that they are not a significant input to the overall valuation of the derivatives. In cases where management’s assessment indicates that the CVA is a significant input, the related derivative is disclosed as a Level 3 value. Other derivatives classified as Level 3 include structured derivatives for which broker quotes, used as a key valuation input, were not observable. Risk participation agreements are classified as Level 3 instruments due to the incorporation of significant Level 3 inputs used to evaluate the probability of funding and the likelihood of customer default. Interest rate lock commitments, which relate to mortgage loan commitments, are categorized as Level 3 instruments as the fair value of these instruments is based on unobservable inputs for commitments that United does not expect to fund. Servicing Rights for Residential Mortgage and SBA/USDA Loans United recognizes servicing rights upon the sale of residential mortgage and SBA/USDA loans sold with servicing retained. Management has elected to carry these assets at fair value. Given the nature of the assets, the key valuation inputs are unobservable and management considers these Level 3 assets. For disclosure regarding the fair value of servicing rights, see Note 10. Assets and Liabilities Measured at Fair Value on a Recurring Basis The table below presents United’s assets and liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands) : December 31, 2021 Level 1 Level 2 Level 3 Total Assets: AFS debt securities: U.S. Treasuries $ 217,520 $ — $ — $ 217,520 U.S. Government agencies & GSEs — 187,032 — 187,032 State and political subdivisions — 275,844 — 275,844 Residential MBS — 2,145,134 — 2,145,134 Commercial MBS — 873,851 — 873,851 Corporate bonds — 190,771 2,395 193,166 Asset-backed securities — 604,277 — 604,277 Equity securities with readily determinable fair values — 1,302 — 1,302 Mortgage loans held for sale — 44,109 — 44,109 Deferred compensation plan assets 11,769 — — 11,769 Servicing rights for SBA/USDA loans — — 6,513 6,513 Residential mortgage servicing rights — — 25,161 25,161 Derivative financial instruments — 35,722 6,758 42,480 Total assets $ 229,289 $ 4,358,042 $ 40,827 $ 4,628,158 Liabilities: Deferred compensation plan liability $ 11,795 $ — $ — $ 11,795 Derivative financial instruments — 20,097 5,048 25,145 Total liabilities $ 11,795 $ 20,097 $ 5,048 $ 36,940 December 31, 2020 Level 1 Level 2 Level 3 Total Assets: AFS debt securities: U.S. Treasuries $ 128,072 $ — $ — $ 128,072 U.S. Government agencies & GSEs — 152,972 — 152,972 State and political subdivisions — 274,472 — 274,472 Residential MBS — 1,485,585 — 1,485,585 Commercial MBS — 549,131 — 549,131 Corporate bonds — 70,017 1,750 71,767 Asset-backed securities — 562,722 — 562,722 Equity securities with readily determinable fair values 774 913 — 1,687 Mortgage loans held for sale — 105,433 — 105,433 Deferred compensation plan assets 9,584 — — 9,584 Servicing rights for SBA/USDA loans — — 6,462 6,462 Residential mortgage servicing rights — — 16,216 16,216 Derivative financial instruments — 75,887 10,779 86,666 Total assets $ 138,430 $ 3,277,132 $ 35,207 $ 3,450,769 Liabilities: Deferred compensation plan liability $ 9,590 $ — $ — $ 9,590 Derivative financial instruments — 26,595 2,408 29,003 Total liabilities $ 9,590 $ 26,595 $ 2,408 $ 38,593 For disclosure regarding the fair value of servicing rights, see Note 10. The following table shows a reconciliation of the beginning and ending balances for all other assets measured at fair value on a recurring basis using significant unobservable inputs that are classified as Level 3 values (in thousands) : Derivative Derivative Corporate Bonds December 31, 2018 $ 11,841 $ 15,732 $ 995 Sales and settlements (1,135) (2,330) — Fair value adjustments included in OCI — — 3 Fair value adjustments included in earnings (3,468) (4,843) — December 31, 2019 7,238 8,559 998 Transfers into Level 3 (1) 583 — — Additions 368 — 1,750 Sales and settlements — — (1,000) Fair value adjustments included in OCI — — 2 Fair value adjustments included in earnings 2,590 (6,151) — December 31, 2020 10,779 2,408 1,750 Transfers into Level 3 (1) 74 — — Additions 261 170 500 Fair value adjustments included in OCI — — 145 Fair value adjustments included in earnings (4,356) 2,470 — December 31, 2021 $ 6,758 $ 5,048 $ 2,395 (1) Certain derivative assets were transferred from Level 2 to Level 3 of the fair value hierarchy due to a change in the assessment of significance of the CVA. The following table presents quantitative information about recurring Level 3 fair value measurements, excluding servicing rights which are detailed in Note 10 (in thousands) : Level 3 Assets and Liabilities Valuation Technique December 31, Significant Unobservable Inputs 2021 2020 Range Weighted Average Range Weighted Average Derivative assets - mortgage Internal model Pull through rate 45.9% - 100% 87.2% 65.6% - 100% 83.9% Derivative assets - customer derivative positions Internal model Estimated loss rate 33.4 - 44.0 36.0 100 - 100 100 Derivative assets & liabilities - other Dealer priced Dealer priced N/A N/A N/A N/A Corporate bonds Indicative bid provided by a broker Multiple factors, including but not limited to, current operations, financial condition, cash flows, and similar financing transactions executed in the market N/A N/A Discounted cash flow Discount rate 3.6 - 3.8 3.6 Fair Value Option United records mortgage loans held for sale at fair value under the fair value option. Interest income on these loans is calculated based on the note rate of the loan and is recorded in interest revenue. The following tables present the fair value and outstanding principal balance of these loans, as well as the gain or loss recognized resulting from the change in fair value for the periods indicated (in thousands) . Mortgage Loans Held for Sale December 31, 2021 2020 Outstanding principal balance $ 42,581 $ 99,746 Fair value 44,109 105,433 Amount of Gain (Loss) Recognized on Location 2021 2020 2019 Mortgage loan gains and other related fees $ (4,159) $ 3,815 $ 1,177 Changes in fair value were mostly offset by hedging activities. An immaterial portion of these amounts was attributable to changes in instrument-specific credit risk. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis United may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of lower of amortized cost or fair value accounting or write-downs of individual assets due to impairment. The following table presents the fair value hierarchy and carrying value of all assets that were still held as of December 31, 2021 and 2020, for which a nonrecurring fair value adjustment was recorded during the periods presented (in thousands) . December 31, 2021 Level 1 Level 2 Level 3 Total Loans $ — $ — $ 2,536 $ 2,536 December 31, 2020 Loans $ — $ — $ 29,404 $ 29,404 Loans that are reported above as being measured at fair value on a nonrecurring basis are generally impaired loans that have either been partially charged off or have been assigned a specific reserve. Nonaccrual loans that are collateral dependent are generally written down to net realizable value, which reflects fair values less the estimated costs to sell. Specific reserves that are established based on appraised value of collateral are considered nonrecurring fair value adjustments as well. When the fair value of the collateral is based on an observable market price or a current appraised value, United records the impaired loan as nonrecurring Level 2. When an appraised value is not available or management determines the fair value is further impaired below the appraised value and there is no observable market price, United records the impaired loan as nonrecurring Level 3. Assets and Liabilities Not Measured at Fair Value For financial instruments that have quoted market prices, those quotes are used to determine fair value. Financial instruments that have no defined maturity, have a remaining maturity of 180 days or less, or reprice frequently to a market rate are assumed to have a fair value that approximates reported book value, after taking into consideration any applicable credit risk. If no market quotes are available, financial instruments are valued by discounting the expected cash flows using an estimated current market interest rate for the financial instrument. For off-balance sheet derivative instruments, fair value is estimated as the amount that United would receive or pay to terminate the contracts at the reporting date, taking into account the current unrealized gains or losses on open contracts. Cash and cash equivalents and have short maturities and therefore the carrying value approximates fair value. Due to the short-term settlement of accrued interest receivable and payable, the carrying amount closely approximates fair value. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect the premium or discount on any particular financial instrument that could result from the sale of United’s entire holdings. All estimates are inherently subjective in nature. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include the mortgage banking operation, wealth management network, deferred income taxes, premises and equipment and goodwill. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. Off-balance sheet instruments (commitments to extend credit and standby letters of credit) for which draws can be reasonably predicted are generally short-term and at variable rates. Therefore, both the carrying amount and the estimated fair value associated with these instruments are immaterial. The carrying amount and fair values for other financial instruments that are not measured at fair value on a recurring basis in United’s consolidated balance sheets are as follows (in thousands) : Carrying Amount Fair Value Level December 31, 2021 Level 1 Level 2 Level 3 Total Assets: HTM debt securities $ 1,156,098 $ — $ 1,148,804 $ — $ 1,148,804 Loans, net 11,657,814 — — 11,607,821 11,607,821 Liabilities: Deposits 18,241,179 — 18,239,934 — 18,239,934 Long-term debt 247,360 — — 267,064 267,064 December 31, 2020 Assets: HTM debt securities $ 420,361 $ — $ 437,193 $ — $ 437,193 Loans, net 11,233,805 — — 11,209,717 11,209,717 Liabilities: Deposits 15,232,358 — 15,232,274 — 15,232,274 Long-term debt 326,956 — — 336,763 336,763 |
Common and Preferred Stock
Common and Preferred Stock | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Common and Preferred Stock | Common and Preferred Stock Common Stock During the second quarter of 2021, United’s shareholders approved an increase in the number of authorized shares of common stock from 150 million to 200 million shares. In November of 2021, United’s Board re-authorized its common stock repurchase program to permit the repurchase of up to $50 million of its common stock. The program is scheduled to expire on the earlier of United’s repurchase of its common stock having an aggregate purchase price of $50 million or December 31, 2022. Under the program, shares may be repurchased in open market transactions or in privately negotiated transactions, from time to time, subject to market conditions. During 2021, 2020 and 2019 492,744, 826,482 and 500,495 shares were repurchased under the program, respectively. As of December 31, 2021, United had remaining authorization to repurchase up to $50.0 million of outstanding common stock under the program. United sponsors a DRIP that allows participants who already own United’s common stock to purchase additional shares directly from the Company. The DRIP also allows participants to automatically reinvest their quarterly dividends in additional shares of common stock without a commission. In 2021, 2020 and 2019, 10,081, 38,107 and 62,629 shares, respectively, were issued under the DRIP. Preferred Stock During 2020, United issued $100 million, or 4,000 shares, of Series I perpetual non-cumulative preferred stock (“Preferred Stock”) with a dividend rate of 6.875% per annum for net proceeds of $96.4 million and corresponding depositary shares each representing a 1/1,000th interest in one share of Preferred Stock. If declared, dividends are payable quarterly in arrears. The Preferred Stock has no stated maturity and redemption is solely at the option of United in whole, but not in part, upon the occurrence of a regulatory capital treatment event, as defined. In addition, the Preferred Stock may be redeemed on or after September 15, 2025 at a cash redemption price equal to $25,000 per share (equivalent to $25 per depositary share) plus any declared and unpaid dividends. As of December 31, 2021 and 2020, the Preferred Stock had a carrying amount of $96.4 million. |
Equity Compensation Plans
Equity Compensation Plans | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity Compensation Plans | Equity Compensation Plans United has an equity compensation plan that allows for grants of various stock-based compensation. Options granted under the plan can have an exercise price no less than the fair market value of the underlying stock at the date of grant. The general terms of the plan include a vesting period (usually four years) with an exercisable period not to exceed ten years. Certain options and restricted stock unit awards provide for accelerated vesting if there is a change in control of United or certain other conditions are met (as defined in the plan document). As of December 31, 2021, 600,106 additional awards could be granted under the plan. Restricted stock units and options outstanding and activity for the years ended December 31 consisted of the following: Restricted Stock Units Options Shares Weighted Average Grant Date Fair Value Aggregate Shares Weighted Average Exercise Price Weighted Average Remaining Term (Yrs.) Aggregate Intrinsic Value (000’s) December 31, 2018 759,746 $ 27.66 47,139 $ 27.07 Granted 315,827 26.74 — — Vested / Exercised (216,138) 25.38 (13,000) 16.34 Expired — (30,243) 31.43 Cancelled (51,011) 27.18 (2,396) 29.68 December 31, 2019 808,424 27.94 1,500 27.95 Granted 446,512 19.15 — — Vested / Exercised (324,697) 26.42 — — Expired — (1,500) 27.95 Cancelled (36,808) 25.73 — — December 31, 2020 893,431 23.75 — — Granted 302,701 30.34 62,743 8.30 Vested / Exercised (330,598) 26.13 $ 10,855 (27,283) 8.20 $ 765 Cancelled (57,060) 25.15 — — December 31, 2021 808,474 25.15 29,057 35,460 8.38 2.01 977 Vested / Exercisable at December 31, 2021 — — 35,460 8.38 2.01 977 Options granted in 2021 were related to the Aquesta acquisition, with the weighted average exercise price of Aquesta’s fully vested converted options determined pursuant to the purchase agreement. The value of the Aquesta options was determined using a Black-Scholes model and was included in the purchase price for the acquisition. Because the options were deep in the money and had very short remaining terms, the values were not materially different from the intrinsic value of the options. No compensation expense relating to options was included in earnings for 2021, 2020 or 2019. Compensation expense for restricted stock units without market conditions is based on the market value of United’s common stock on the date of grant. United recognizes the impact of forfeitures as they occur. The value of restricted stock unit awards is amortized into expense over the service period. Compensation expense recognized in the consolidated statements of income for employee restricted stock unit awards in 2021 and 2020 was $6.07 million and $7.40 million, respectively, which was recognized in salaries and employee benefits expense. In 2019, compensation expense for employee restricted stock awards was $8.98 million, of which $1.38 million related to the modification of existing awards resulting from an acceleration of vesting of awards due to retirement and $740,000 related to awards granted in conjunction with an acquisition, both of which were recognized in merger-related and other charges in the consolidated statement of income. The remaining 2019 expense of $6.86 million was recognized in salaries and employee benefits expense. In addition, in 2021, 2020, and 2019, $489,000, $484,000 and $379,000, respectively, was recognized in other operating expenses for restricted stock unit awards granted to members of the Board. During 2021, 2020, and 2019, in addition to time-based restricted stock unit awards, the Board approved PSUs. The PSUs vest based on achieving, during the applicable calendar-year performance periods, certain performance and market targets relative to a bank peer group. Achievement of the base-level performance and market targets for all applicable periods will result in the issuance of 174,713 shares, which are included in the outstanding balance in the table above. Additional shares may be issued if more stringent performance and market hurdles are met. The grant date per share fair market value of these PSUs was estimated using the Monte Carlo Simulation valuation model. Deferred income tax benefits related to compensation expense for options and restricted stock units of $1.67 million, $2.01 million and $2.39 million were included in the determination of income tax expense in 2021, 2020 and 2019, respectively. As of December 31, 2021, there was $15.5 million of unrecognized compensation cost related to restricted stock units granted under the plan. The cost is expected to be recognized over a weighted-average period of 2.5 years. |
Reclassifications Out of AOCI
Reclassifications Out of AOCI | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Reclassifications Out of AOCI | Reclassifications Out of AOCI The following presents the details regarding amounts reclassified out of AOCI (in thousands). Amounts Reclassified from AOCI For the Years Ended December 31, Details about AOCI Components Affected Line Item in the Statement Where Net Income is Presented 2021 2020 2019 Realized gains (losses) on AFS securities: $ 83 $ 748 $ (1,021) Securities gains (losses), net 46 (191) 247 Income tax (expense) benefit $ 129 $ 557 $ (774) Net of tax Amortization of losses included in net income on AFS securities transferred to HTM: $ — $ (723) $ (383) Investment securities interest revenue — 173 92 Income tax benefit $ — $ (550) $ (291) Net of tax Reclassifications related to derivative financial instruments accounted for as cash flow hedges: Amortization of losses on de-designated positions $ — $ — $ (235) Other expense Amortization of losses on de-designated positions — — (102) Deposit interest expense Interest rate contracts (608) (359) — Long-term debt interest expense (608) (359) (337) Total before tax 156 91 86 Income tax benefit $ (452) $ (268) $ (251) Net of tax Reclassifications related to defined benefit pension plan activity: Prior service cost $ (469) $ (531) $ (640) Salaries and employee benefits expense Actuarial losses (575) (326) (59) Other expense Termination of Funded Plan — — (1,558) Merger-related and other (1,044) (857) (2,257) Total before tax 267 219 576 Income tax benefit $ (777) $ (638) $ (1,681) Net of tax Total reclassifications for the period $ (1,100) $ (899) $ (2,997) Net of tax Amounts shown above in parentheses reduce earnings |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted net income per common share for the years indicated (in thousands, except per share data) : Year Ended December 31, 2021 2020 2019 Net income $ 269,801 $ 164,089 $ 185,721 Earnings allocated to participating securities (1,657) (1,287) (1,375) Dividends on preferred stock (6,875) (3,533) — Net income available to common stockholders $ 261,269 $ 159,269 $ 184,346 Net income per common share: Basic $ 2.97 $ 1.91 $ 2.31 Diluted 2.97 1.91 2.31 Weighted average common shares: Basic 87,940 83,184 79,700 Effect of dilutive securities: Stock options 9 — 1 Restricted stock units 148 64 7 Diluted 88,097 83,248 79,708 At December 31, 2021 and 2020, United had no potentially dilutive instruments outstanding that were not included in the above analysis. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense is as follows for the years indicated (in thousands) : Year Ended December 31, 2021 2020 2019 Current $ 57,175 $ 42,688 $ 38,082 Deferred 20,787 2,668 14,909 Total income tax expense $ 77,962 $ 45,356 $ 52,991 The differences between the provision for income taxes and the amount computed by applying the statutory federal income tax rate of 21% in 2021, 2020 and 2019 to income before income taxes are as follows for the years indicated (in thousands) : Year Ended December 31, 2021 2020 2019 Income tax expense on pretax income at statutory rates $ 73,030 $ 43,983 $ 50,130 Add (deduct): State taxes, net of federal benefit 9,188 5,928 7,168 BOLI earnings (745) (1,052) (1,127) Adjustment to reserve for uncertain tax positions 153 (1,212) 84 Tax-exempt interest revenue (2,520) (2,169) (1,827) Equity compensation (891) (174) (375) Transaction costs 117 217 16 Tax credit investments (598) (930) (464) Other 228 765 (614) Total income tax expense $ 77,962 $ 45,356 $ 52,991 The following summarizes the sources and expected tax consequences of future taxable deductions (revenue) which comprise the net DTA as of the dates indicated (in thousands) : December 31, 2021 2020 DTAs: ACL $ 24,349 $ 33,213 Net operating loss carryforwards 16,656 22,277 Deferred compensation 11,011 10,012 Loan purchase accounting adjustments 4,227 8,567 Nonqualified share based compensation 1,374 1,833 Accrued expenses 7,936 6,865 Unamortized pension actuarial losses and prior service cost 1,442 1,981 Unrealized losses on AFS securities 5,808 — Deferred gains on SBA/USDA loan sales 2,217 2,060 Lease liability 7,501 8,055 Other 1,107 2,062 Total DTAs 83,628 96,925 DTLs: Unrealized gains on AFS securities — 17,439 Unrealized gains on cash flow hedges 1,189 54 Acquired intangible assets 2,412 2,576 Premises and equipment 5,179 4,241 Loan origination costs 6,466 4,857 True tax leases 5,984 7,846 Servicing assets 6,779 4,816 Derivatives 1,309 2,250 ROU asset 7,102 7,642 Securities purchase accounting adjustments 2,644 3,146 Uncertain tax positions 1,945 1,813 Other 386 230 Total DTLs 41,395 56,910 Less valuation allowance 911 1,604 Net DTA $ 41,322 $ 38,411 The change in the net DTA includes an increase of $2.12 million due to current year merger and acquisition activity. At December 31, 2021, United had: • $32.9 million of state net operating loss carryforwards subject to annual limitation under IRC Section 382 that begin to expire in 2025, if not previously utilized. • $51.1 million of state net operating loss carryforwards that begin to expire in 2031, if not previously utilized. • $51.2 million in federal net operating loss carryforwards subject to annual limitation under IRC Section 382 that begin to expire in 2027, if not previously utilized. • $3.41 million of state tax credits that begin to expire in 2022, if not previously utilized. Management assesses the valuation allowance recorded against DTAs at each reporting period. The determination of whether a valuation allowance for DTAs is appropriate is subject to considerable judgment and requires an evaluation of all the positive and negative evidence. ASC 740 requires that companies assess whether a valuation allowance should be established against their DTAs based on the consideration of all available evidence using a “more likely than not” standard. At December 31, 2021 and 2020, based on the assessment of all the positive and negative evidence, management concluded that it is more likely than not that nearly all of the net DTA will be realized based upon future taxable income. The valuation allowance of $911,000 and $1.60 million, respectively, was related to specific state income tax credits that have short carryforward periods and certain acquired state net operating losses, both of which are expected to expire unused. The valuation allowance could fluctuate in future periods based on the assessment of the positive and negative evidence. Management’s conclusion at December 31, 2021 that it was more likely than not that the net DTA of $41.3 million will be realized is based on management’s estimate of future taxable income. Management’s estimate of future taxable income is based on internal forecasts which consider historical performance, various internal estimates and assumptions, as well as certain external data all of which management believes to be reasonable although inherently subject to significant judgment. If actual results differ significantly from the current estimates of future taxable income, even if caused by adverse macro-economic conditions, the valuation allowance may need to be increased for some or all of the net DTA. A reconciliation of the beginning and ending unrecognized tax benefit related to uncertain tax positions is as follows for the years indicated (in thousands) : 2021 2020 2019 Balance at beginning of year $ 2,163 $ 3,370 $ 3,264 Additions based on tax positions related to the current year 634 421 481 Decreases resulting from a lapse in the applicable statute of limitations (441) (1,628) (375) Balance at end of year $ 2,356 $ 2,163 $ 3,370 Approximately $1.86 million of the unrecognized tax benefit at December 31, 2021 would increase income from continuing operations, and thus affect United’s effective tax rate, if ultimately recognized into income. It is United’s policy to recognize interest and penalties accrued relative to unrecognized tax benefits in their respective federal or state income taxes accounts. There were no penalties and interest related to income taxes recorded in the income statement in 2021, 2020 or 2019. No amounts were accrued for interest and penalties on the balance sheet at December 31, 2021 or 2020. United and its subsidiaries file a consolidated U.S. federal income tax return, as well as various state returns in the states where it operates. United’s federal and state income tax returns are no longer subject to examination by taxing authorities for years before 2018. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans Defined Contribution Benefit Plans 401(k) Plan United offers a defined contribution 401(k) plan (the “401(k) Plan”) that covers substantially all employees meeting certain minimum service requirements. The 401(k) Plan allows employees to make pre-tax contributions to the 401(k) Plan and, United matches 100% of employee contributions up to 5% of eligible compensation. Employees begin to receive matching contributions after completing one year of service. Effective January 1, 2020, United amended the 401(k) Plan to be a safe harbor plan. Under safe harbor provisions, United is required to provide a matching contribution and participants are immediately 100% vested in safe harbor matching contributions. Under the safe harbor amendment the Company will continue to match 100% of participant deferral contributions up to 5% of the participant’s annual base salary and commissions for those who have completed at least one year of service. Prior to January 1, 2020, matching contributions vested after three years of service. United’s 401(k) Plan is administered in accordance with applicable laws and regulations. Compensation expense from continuing operations related to the 401(k) Plan totaled $7.31 million, $6.16 million and $5.30 million in 2021, 2020 and 2019, respectively. Deferred Compensation Plan United also sponsors a non-qualified deferred compensation plan for its executive officers, certain other key employees and members of the Board and its community banks’ advisory boards of directors. The deferred compensation plan provides for the pre-tax deferral of compensation, fees and other specified benefits. Specifically, the deferred compensation plan permits each employee participant to elect to defer a portion of base salary, bonus or vested restricted stock units and permits each eligible director participant to elect to defer all or a portion of director’s fees. Further, the deferred compensation plan allows for additional contributions by an employee, with matching contributions by United, for amounts that exceed the allowable amounts under the 401(k) Plan. During 2021, 2020 and 2019, United recognized $73,000, $49,000 and $162,000, respectively, in matching contributions for this provision of the deferred compensation plan. The Board may also elect to make a discretionary contribution to any or all participants. No discretionary contributions were made in 2021, 2020 or 2019. In addition to common stock related to elected deferrals of vested restricted stock units, United offers its common stock as an investment option for cash contributions to the deferred compensation plan. The common stock component is accounted for as an equity instrument and is reflected in the consolidated balance sheets as common stock issuable. The deferred compensation plan does not allow for diversification once an election is made to invest in United stock and settlement must be accomplished in shares at the time the deferral period is completed. At December 31, 2021 and 2020, United had 595,705 shares and 600,834 shares, respectively, of its common stock that were issuable under the deferred compensation plan. Defined Benefit Pension Plans United has an unfunded noncontributory defined benefit pension plan, or the Modified Retirement Plan, that covers certain executive officers and other key employees. The Modified Retirement Plan provides a fixed annual retirement benefit to plan participants. Weighted-average assumptions used to determine the pension benefit obligation of the Modified Retirement Plan at year end and net periodic pension cost are shown in the table below: 2021 2020 Discount rate for disclosures 2.90 % 2.55 % Discount rate for net periodic benefit cost 2.55 % 3.25 % Measurement date 12/31/2021 12/31/2020 The Modified Retirement Plan discount rates are determined in consultation with the third-party actuary and are set by matching the projected benefit cash flow to a notional yield curve developed by reference to high-quality fixed income investments. The discount rates are determined as the rate which would provide the same present value as the plan cash flows discounted to the measurement date using the full series of spot rates along the notional yield curve as of the measurement date. United recognizes the unfunded status of the Modified Retirement Plan as a liability in the consolidated balance sheets. Information about changes in obligations and plan assets follows (in thousands) : Modified Retirement Plan 2021 2020 Accumulated benefit obligation: Accumulated benefit obligation - beginning of year $ 27,099 $ 25,105 Service cost 659 588 Interest cost 676 795 Actuarial (gains) losses (1,066) 1,804 Benefits paid (1,107) (1,193) Accumulated benefit obligation - end of year 26,261 27,099 Change in plan assets, at fair value: Beginning plan assets — — Employer contribution 1,107 1,193 Benefits paid (1,107) (1,193) Plan assets - end of year — — Funded status - end of year (plan assets less benefit obligations) $ (26,261) $ (27,099) Components of net periodic benefit cost and other amounts recognized in other comprehensive income are as follows (in thousands): 2021 2020 2019 Modified Modified Modified Funded Service cost $ 659 $ 588 $ 392 $ — Interest cost 676 795 931 166 Expected return on plan assets — — — (106) Amortization of prior service cost 469 531 635 — Amortization of net actuarial losses 576 326 59 — Net periodic benefit cost $ 2,380 $ 2,240 $ 2,017 $ 60 The following table summarizes the estimated future benefit payments expected to be paid from the Modified Retirement Plan for the periods indicated (in thousands) . 2022 $ 1,191 2023 1,185 2024 1,179 2025 1,192 2026 1,213 2027-2031 8,276 United acquired Palmetto on September 1, 2015, including its funded noncontributory defined benefit pension plan, or the Funded Plan, which covered all full-time Palmetto employees who had fulfilled at least 12 months of continuous service and attained age 21 by December 31, 2007. Benefits under the Funded Plan were no longer accrued for service subsequent to 2007. During 2019, United settled the liabilities of its Funded Plan. Participants elected to receive either lump sum distributions or annuity contracts purchased from a third-party insurance company that provided for the payment of vested benefits. United contributed $4.90 million to the Funded Plan in the third quarter 2019 to fund its liquidation. As a result of the pension termination, unrecognized losses of $1.56 million, which were previously recorded in AOCI on the consolidated balance sheets, were recognized as expense and an additional pension plan settlement loss of $1.38 million was recorded in the consolidated statements of income. Including both charges, the total Funded Plan settlement loss was $2.94 million, which was included in merger-related and other charges for the year ended December 31, 2019. Other United sponsored benefit plans United's Employee Stock Purchase Program (“ESPP”), which was terminated during 2021, allowed eligible employees to purchase shares of common stock at a discount (10%), with no commission charges. During 2021, 2020 and 2019 United issued 6,676, 34,423 shares and 20,928 shares, respectively, through the ESPP. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |
Regulatory Matters | Regulatory Matters Capital Requirements United and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary action by regulators that, if undertaken, could have a direct material effect on United. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, United and the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures (as defined) established by regulation to ensure capital adequacy require United and the Bank to maintain minimum amounts and ratios of total capital, Tier 1 capital, and CET1 to RWAs, and of Tier 1 capital to average assets. United and the Bank are also subject to a “capital conservation buffer,” which is designed to absorb losses during periods of economic stress. Banking organizations with a ratio of CET1 to RWAs above the minimum but below the conservation buffer (or below the combined capital conservation buffer and countercyclical capital buffer, when the latter is applied) will face constraints on dividends, equity repurchases and discretionary bonus compensation based on the amount of the shortfall. As of December 31, 2021, United and the Bank were categorized as well-capitalized under the regulatory framework for prompt corrective action in effect at such time. To be categorized as well-capitalized at December 31, 2021, United and the Bank must have exceeded the well-capitalized guideline ratios in effect at such time, as set forth in the table below and have met certain other requirements. Management believes that United and the Bank exceeded all well-capitalized requirements at December 31, 2021, and there have been no conditions or events since year-end that would change the status of well-capitalized. Pursuant to the CARES Act, United has adopted relief provided by federal banking regulatory agencies for the delay of the adverse capital impact of CECL. This optional two-year delay, which ended December 31, 2021, is followed by an optional three-year transition period to phase out the aggregate amount of capital benefit provided during the initial two-year delay. Under the transition provision, the amount of aggregate capital benefit is phased out by 25% each year with the full impact of adoption completely recognized by 2025. Regulatory capital ratios at December 31, 2021 and 2020, along with the minimum amounts required for capital adequacy purposes and to be well-capitalized under prompt corrective action provisions in effect at such times are presented below for United and the Bank (dollars in thousands) : Basel III Guidelines United Community Banks, Inc. United Community Bank Minimum (1) Well 2021 2020 2021 2020 Risk-based ratios: CET1 capital 4.5 % 6.5 % 12.46 % 12.31 % 12.87 % 13.31 % Tier 1 capital 6.0 8.0 13.17 13.10 12.87 13.31 Total capital 8.0 10.0 14.65 15.15 13.46 14.28 Tier 1 leverage ratio 4.0 5.0 8.75 9.28 8.53 9.42 CET1 capital $ 1,688,176 $ 1,506,750 $ 1,738,557 $ 1,625,292 Tier 1 capital 1,784,598 1,603,172 1,738,557 1,625,292 Total capital 1,984,376 1,854,368 1,818,335 1,743,045 RWAs 13,548,534 12,240,440 13,512,405 12,207,940 Average total assets 20,402,842 17,276,853 20,377,319 17,246,878 (1) As of December 31, 2021 and 2020, the additional capital conservation buffer in effect was 2.50%. Cash, Dividend, Loan and Other Restrictions Federal and state banking regulations place certain restrictions on dividends paid by the Bank to the Holding Company. During 2021 and 2020, the Bank paid cash dividends to the Holding Company of $217 million and $150 million, respectively. The Federal Reserve Act requires that extensions of credit by the Bank to certain affiliates, including the Holding Company, be secured by specific collateral, that the extension of credit to any one affiliate be limited to 10% of capital and surplus (as defined), and that extensions of credit to all such affiliates be limited to 20% of capital and surplus. The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of their customers. These financial instruments include commitments to extend credit and letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated balance sheets. The contract amounts of these instruments reflect the extent of involvement the Bank has in particular classes of financial instruments. The exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and letters of credit written is represented by the contractual amount of these instruments. United uses the same |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The following table summarizes, as of the dates indicated, the contract amount of off-balance sheet instruments (in thousands) : December 31, 2021 2020 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 3,591,975 $ 3,052,657 Letters of credit 29,312 31,748 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments may expire without being drawn on, the total commitment amounts do not necessarily represent future cash requirements. Letters of credit are conditional commitments issued by United and could result in the commitment being drawn on when the underlying transaction is consummated between the customer and the third party or upon the non-performance of the customer. Those guarantees are primarily issued to local businesses and government agencies. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. In most cases, the Bank holds real estate, certificates of deposit, and other acceptable collateral as security supporting those commitments for which collateral is deemed necessary. The extent of collateral held for those commitments varies. United maintains an ACL for these unfunded commitments, which is included in other liabilities in the consolidated balance sheets. The ACL for unfunded loan commitments is determined as part of the quarterly ACL analysis. See Note 1 for further detail. The Bank holds minor investments in certain limited partnerships for CRA and tax purposes. As of December 31, 2021, the Bank had a recorded investment of $52.7 million in these limited partnerships, which is included in other assets on the consolidated balance sheet. At December 31, 2021, for certain of these investments, the Bank had commitments to fund an additional $13.7 million related to future capital calls that has not been reflected in the consolidated balance sheet. As of December 31, 2021, the Holding Company also had $10.0 million in commitments for future capital calls to a fintech fund limited partnership that has not been reflected in the consolidated balance sheet. United, in the normal course of business, is subject to various pending and threatened lawsuits in which claims for monetary damages are asserted. Although it is not possible to predict the outcome of these lawsuits, or the range of any possible loss, management, after consultation with legal counsel, does not anticipate that the ultimate aggregate liability, if any, arising from these lawsuits will have a material adverse effect on financial position or results of operations. |
Condensed Financial Statements
Condensed Financial Statements of United Community Banks, Inc. (Holding Company Only) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Statements of United Community Banks, Inc. (Holding Company Only) | Condensed Financial Statements of United Community Banks, Inc. (Holding Company Only) Balance Sheets As of December 31, 2021 and 2020 (in thousands) 2021 2020 Assets Cash and cash equivalents $ 298,316 $ 289,243 Investment in Bank 2,150,683 2,028,965 Investment in other subsidiaries 23,194 752 Other assets 46,432 34,661 Total assets $ 2,518,625 $ 2,353,621 Liabilities and Shareholders’ Equity Long-term debt $ 247,360 $ 311,956 Other liabilities 49,020 34,135 Total liabilities 296,380 346,091 Shareholders’ equity 2,222,245 2,007,530 Total liabilities and shareholders’ equity $ 2,518,625 $ 2,353,621 Statements of Income For the Years Ended December 31, 2021, 2020 and 2019 (in thousands) 2021 2020 2019 Dividends from Bank $ 217,000 $ 150,000 $ — Dividends from other subsidiaries — — 4,651 Shared service fees from subsidiaries 12,402 13,020 14,721 Other 3,167 1,436 1,468 Total income 232,569 164,456 20,840 Interest expense 14,324 13,994 11,573 Other expense 16,417 16,473 18,965 Total expenses 30,741 30,467 30,538 Income tax benefit 6,908 2,681 8,711 Income (loss) before equity in undistributed earnings of subsidiaries 208,736 136,670 (987) Equity in undistributed earnings of subsidiaries 61,065 27,419 186,708 Net income $ 269,801 $ 164,089 $ 185,721 Statements of Cash Flows For the Years Ended December 31, 2021, 2020 and 2019 (in thousands) 2021 2020 2019 Operating activities: Net income $ 269,801 $ 164,089 $ 185,721 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of the subsidiaries (61,065) (27,419) (186,708) Stock-based compensation 6,554 7,887 9,360 Change in assets and liabilities: Other assets (7,800) (3,662) (3,022) Other liabilities 6,353 5,261 2,080 Net cash provided by operating activities 213,843 146,156 7,431 Investing activities: Net cash (paid) received for acquisition (47,785) 3,397 (52,093) Purchases of premises and equipment (30) — — Purchases of debt securities available-for-sale and equity securities (1,500) (2,750) (3,000) Proceeds from sales and maturities of debt securities available-for-sale and equity securities 1,253 — 83 Proceeds from sale of premises and equipment 728 — — Other investing inflows 132 — — Other investing outflows (600) — — Net cash (used in) provided by investing activities (47,802) 647 (55,010) Financing activities: Repayment of long-term debt (65,632) — (250) Proceeds from issuance of long-term debt, net of issuance costs — 98,552 — Proceeds from issuance of preferred stock, net of issuance costs — 96,422 — Cash paid for shares withheld to cover payroll taxes related to equity instruments (3,182) (3,119) (1,686) Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans 506 1,317 2,193 Proceeds from exercise of stock options and warrants 231 — 212 Repurchase of common stock (15,101) (20,782) (13,020) Cash dividends on preferred stock (6,876) (3,533) — Cash dividends on common stock (66,914) (58,912) (53,044) Net cash (used in) provided by financing activities (156,968) 109,945 (65,595) Net change in cash 9,073 256,748 (113,174) Cash at beginning of year 289,243 32,495 145,669 Cash at end of year $ 298,316 $ 289,243 $ 32,495 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Dividends Declared On February 17, 2022, the Board approved a regular quarterly cash dividend of $0.21 per common share and a preferred stock dividend of $429.6875 per preferred share (equivalent to $0.4296875 per depositary share, or 1/1000 interest per share). The common stock dividend is payable April 5, 2022, to common shareholders of record on March 15, 2022. The preferred stock dividend is payable March 15, 2022, to preferred shareholders of record on February 28, 2022. Acquisition of Reliant Subsequent to year-end, on January 1, 2022, United completed the acquisition of Reliant Bancorp, Inc. and its wholly-owned subsidiary, Reliant Bank, collectively referred to as “Reliant”. Reliant is headquartered in Brentwood, Tennessee, a suburb of Nashville, Tennessee. Reliant operates a 25 branch network in Tennessee, located primarily in the Nashville, Clarksville and Chattanooga metropolitan areas. It also has a manufactured housing finance group based in Knoxville. As of December 31, 2021, Reliant reported total assets of $3.00 billion, total loans of $2.38 billion, and total deposits of $2.50 billion. Reliant shareholders received $597 million in total consideration, of which $596 million was United common stock (16.6 million shares), $624,000 was cash and $795,000 was converted stock options. The acquisition will be accounted for as a business combination. Due to the timing of the acquisition, United is currently in the process of completing the purchase accounting and has not made all of the remaining required disclosures, such as the fair value of assets acquired and supplemental pro forma information, which will be disclosed in subsequent filings . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of accounting | The accounting principles followed by United and the methods of applying these principles conform with GAAP and with general practices within the banking industry. The following is a description of the significant policies. |
Organization and Basis of Presentation | Organization and Basis of Presentation The Holding Company is a bank holding company under the BHC Act and, as of July 1, 2021, a financial holding company under the GLB Act. Financial holding company status allows for engagement in a broader range of financial activities. Prior to that the Holding Company was a bank holding company. The Holding Company’s principal business is conducted by its wholly-owned commercial bank subsidiary, United Community Bank. United is subject to regulation under the BHC Act. The consolidated financial statements include the accounts of the Holding Company, the Bank and other wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Effective July 1, 2021, the Bank moved its headquarters from Blairsville, Georgia to Greenville, South Carolina and became a South Carolina state-chartered bank subject to examination and reporting requirements of the SCBFI. Prior to that date, the Bank was a Georgia state-chartered bank subject to examination and reporting requirements of the GADBF. The Bank serves both rural and metropolitan markets in Georgia, South Carolina, North Carolina, Tennessee and Florida and provides a full range of banking services. The Bank is insured by and subject to the regulation of the FDIC. |
Use of Estimates | Use of Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the balance sheet and revenue and expenses for the years then ended. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change are the determination of the ACL, the valuation of acquired loans, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of goodwill and separately identifiable intangible assets associated with mergers and acquisitions, and the valuation of deferred tax assets. |
Operating Segments | Operating Segments Operating segments are components of a business about which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. Public companies are required to report certain financial information about operating segments in interim and annual financial statements. United’s community banking operations are divided among geographic regions and local community banks within those regions. Those regions and banks have similar economic characteristics and are therefore considered to be one operating segment. Additionally, management assessed other operating units to determine if they should be classified and reported as segments, including Mortgage, Wealth Management and Commercial Banking Solutions. Qualitatively, these business units are primarily operating in the same geographic footprint as the community banks and face many of the same customers as the community banks. While the chief operating decision maker does have some limited production information for these entities, that information is not complete since it does not include a full allocation of revenue, costs and capital from key corporate functions. The business units are currently viewed more as a product line extension of the community banks. However, management will continue to evaluate these business units for separate reporting as facts and circumstances change. Based on this analysis, United concluded that it has one operating and reportable segment. |
Cash and Cash Equivalents | Cash and Cash EquivalentsCash equivalents include amounts due from banks, interest-bearing deposits in banks, federal funds sold, commercial paper, reverse repurchase agreements and short-term investments and are carried at cost. Federal funds are generally sold for one-day periods, interest-bearing deposits in banks are available on demand and commercial paper investments and reverse repurchase agreements mature within a period of less than 90 days. |
Investment Securities | Investment Securities Debt Securities: Debt securities are classified as HTM and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities are classified as AFS when they may be sold before maturity. AFS securities are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. Interest income includes amortization of purchase premiums or discounts. Premiums and discounts on securities are generally amortized or accreted on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Premiums on callable debt securities are amortized to their earliest call date. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Transfers of securities between categories are recorded at fair value at the date of transfer. Unrealized holding gains or losses associated with transfers of securities from AFS to HTM are included in the balance of AOCI in the consolidated balance sheets. These unrealized holding gains or losses are amortized/accreted into income over the remaining life of the security as an adjustment to the yield in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on nonaccrual is reversed against interest income. Equity securities: Equity securities are included in other assets on the consolidated balance sheets. Those with readily determinable fair values are carried at fair value with changes in fair value recognized in net income. Those without readily determinable fair values include, among others, FHLB stock held to meet FHLB requirements related to outstanding advances and CRA equity investments, including those where the returns are primarily derived from LIHTC. FHLB stock, which totaled $9.23 million at December 31, 2021, is accounted for using the cost method of accounting. LIHTC investments are accounted for using the proportional amortization method of accounting for qualified affordable housing investments which results in the amortization |
ACL - Held-to-Maturity Securities, Available-For-Sale Securities, and Off-Balance Sheet Credit Exposures | United implemented CECL upon adoption of ASC 326 on January 1, 2020. The CECL framework requires an estimate of expected credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts. The following discussion provides a description of the methodology applied to calculate the ACL under CECL. Prior to the adoption of ASC 326, management evaluated securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warranted such evaluation. ACL - HTM Debt Securities: Management measures current expected credit losses on HTM debt securities on a collective basis by major security type. The estimate of current expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management classifies the HTM portfolio into the following major security types: U.S. Treasuries, U.S. Government agencies and GSEs, state and political subdivisions, residential mortgage-backed, agency and GSEs, commercial mortgage-backed, agency and GSEs and supranational entities. Accrued interest receivable on HTM debt is excluded from the estimate of credit losses. All of the residential and commercial mortgage-backed securities held by United as HTM are issued by U.S. Government agencies and GSEs. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The state and political subdivision securities are highly rated by major rating agencies. ACL - AFS Debt Securities: For AFS debt securities in an unrealized loss position, United first assesses whether it intends to sell, or whether it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For AFS debt securities that do not meet the aforementioned criteria, United evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any amount of unrealized loss that has not been recorded through an ACL is recognized in other comprehensive income. Accrued interest receivable on AFS debt securities is excluded from the estimate of credit losses. |
Loans Held for Sale | Loans Held for SaleUnited has elected the fair value option for mortgage loans held for sale in order to reduce certain timing differences and match changes in fair values of the loans with changes in the fair value of derivative instruments used to economically hedge them. |
Loans and Leases | Loans and Leases Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts and deferred fees and costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income over the life of the loan. Equipment Financing Lease Receivables: Equipment financing lease receivables, which are classified as sales-type or direct financing leases, are recorded as the sum of the future minimum lease payments, initial deferred costs and, if applicable, estimated or contractual residual values less unearned income and security deposits. For lease receivables with a residual value, the determination of such value is derived from a variety of sources including equipment valuation services, appraisals, and publicly available market data on recent sales transactions on similar equipment. The length of time until contract termination, the cyclical nature of equipment values and the limited marketplace for re-sale of certain leased assets are important variables considered in making this determination. Interest income, which is included in loan interest revenue in the consolidated statements of income, is recognized as earned using the effective interest method. Direct fees and costs associated with the origination of leases are deferred and included as a component of equipment financing receivables. Net deferred fees or costs are recognized as an adjustment to interest income over the contractual life of the lease using the effective interest method. These lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term. United excludes sales taxes from consideration in these lease contracts. PCD Loans (CECL): In acquisitions, United may acquire loans, some of which have experienced more than insignificant credit deterioration since origination. In those cases, United will consider internal loan grades, delinquency status and other relevant factors in assessing whether purchased loans are PCD. PCD loans are recorded at their fair value at the acquisition date. An initial ACL is determined using the same methodology as other loans held for investment and recognized as an adjustment to the acquisition price of the asset; thus, the sum of the loan's purchase price and ACL becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent to initial recognition, PCD loans are subject to the same interest income recognition and impairment model as non-PCD loans, with changes to the ACL recorded through provision expense. Nonaccrual Loans: The accrual of interest is generally discontinued when a loan becomes 90 days past due or when management believes, after considering economic and business conditions and collection efforts, that the principal or interest will not be collectable in the normal course of business. A loan may continue to accrue interest after 90 days if it is well collateralized and in the process of collection. Past due status is based on contractual terms of the loan. During 2020 and 2021, United granted loan payment deferrals in accordance with the CARES Act and interagency guidance for certain borrowers experiencing temporary cash flow shortages as a result of the COVID-19 pandemic. During the temporary payment deferral period, these loans are not considered past due. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for using the cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest payments are reflected as a reduction of the carrying amount of the loan and interest income is not recognized until the loan balance is reduced to zero. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, there is a sustained period of repayment performance and future payments are reasonably assured. TDRs: A loan for which the terms have been modified resulting in a more than insignificant concession, and for which the borrower is experiencing financial difficulties, is generally considered to be a TDR. Modified terms that result in a TDR include one or a combination of the following: a reduction of the stated interest rate of the loan, an extension of the amortization period that would not otherwise be considered in the current market for new debt with similar risk characteristics; a restructuring of the borrower’s debt into an “A/B note structure” in which the A note would fall within the borrower’s ability to pay and the remainder would be included in the B note; a mandated bankruptcy restructuring; or interest-only payment terms greater than 90 days where the borrower is unable to amortize the loan. Collateral dependent TDRs that subsequently default or are placed on nonaccrual are charged down to the fair value of the collateral consistent with United’s policy for nonaccrual loans. In accordance with the CARES Act, United implemented loan modification programs in response to the COVID-19 pandemic in order to provide borrowers with flexibility with respect to repayment terms. These loan modifications were not considered TDRs to the extent that the borrower was impacted by the COVID-19 pandemic and was not more than 30 days past due at December 31, 2019, or in certain circumstances, at the time that the COVID-19 loan modification program was implemented, unless the loan was previously classified as a TDR. |
Concentration of Credit Risk | Concentration of Credit Risk: Most of United’s business activity is with customers located within the markets where it has banking operations. Therefore, United’s exposure to credit risk is significantly affected by changes in the economy within its markets. Approximately 73% of United’s loan portfolio is secured by real estate and is therefore susceptible to changes in real estate valuations. |
ACL - Loans | ACL- Loans United implemented CECL upon adoption of ASC 326 on January 1, 2020. The CECL framework requires an estimate of expected credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts. The following discussion provides a description of the methodology applied to calculate the ACL under CECL. The Incurred Loss method was utilized in periods prior to 2020 and is outlined in detail in our previously filed reports on Form 10-K. The ACL is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the ACL when management believes the uncollectibility of a loan balance is confirmed. Accrued interest receivable is excluded from the estimate of credit losses. Management determines the ACL balance using relevant available information from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit behaviors along with model judgments provide the basis for the estimation of expected credit losses. Adjustments to modeled loss estimates may be made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in economic conditions, property values, or other relevant factors. For the majority of loans and leases the ACL is calculated using a discounted cash flow methodology applied at a loan level with a one-year reasonable and supportable forecast period and a two-year straight-line reversion period. The ACL-loans is measured on a collective basis when similar risk characteristics exist. United has identified the following portfolio segments and calculates the ACL for each using a discounted cash flow methodology at the loan level, with loss rates, prepayment assumptions and curtailment assumptions driven by each loan’s collateral type: Owner occupied commercial real estate - Loans in this category are susceptible to business failure and general economic conditions. Income producing commercial real estate - Common risks for this loan category are declines in general economic conditions, declines in real estate value, declines in occupancy rates, and lack of suitable alternative use for the property. Commercial & industrial - Risks to this loan category include the inability to monitor the condition of the collateral, which often consists of inventory, accounts receivable and other non-real estate assets. Equipment and inventory obsolescence can also pose a risk. Declines in general economic conditions and other events can cause cash flows to fall to levels insufficient to service debt. Commercial construction - Risks common to commercial construction loans are cost overruns, changes in market demand for property, inadequate long-term financing arrangements and declines in real estate values. Equipment financing - Risks associated with equipment financing are similar to those described for commercial and industrial loans, including general economic conditions, as well as appropriate lien priority on equipment, equipment obsolescence and the general mobility of the collateral. Residential mortgage - Residential mortgage loans are susceptible to weakening general economic conditions, increases in unemployment rates and declining real estate values. HELOC - Risks common to home equity lines of credit are general economic conditions, including an increase in unemployment rates, and declining real estate values that reduce or eliminate the borrower’s home equity. Residential construction - Residential construction loans are susceptible to the same risks as residential mortgage loans. Changes in market demand for property lead to longer marketing times resulting in higher carrying costs and declining values. Consumer - Risks common to consumer direct loans include unemployment and changes in local economic conditions as well as the inability to monitor collateral consisting of personal property. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. When the discounted cash flow method is used to determine the ACL, management adjusts the effective interest rate used to discount expected cash flows to incorporate expected prepayments. The ACL on a TDR is measured using the same method as all other loans held for investment, except that the original interest rate is used to discount the expected cash flows, not the rate specified within the restructuring. Determining the Contractual Term: Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a TDR will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by United. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily using the straight line method over the estimated useful lives of the related assets. Costs incurred for maintenance and repairs are expensed as incurred. The range of estimated useful lives for buildings and improvements is 10 to 40 years, for land improvements, 10 years, and for furniture and equipment, 3 to 10 years. United periodically reviews the carrying value of premises and equipment for impairment whenever events or circumstances indicate that the carrying amount of such assets may not be fully recoverable. |
Foreclosed Properties (Other Real Estate Owned) | Foreclosed Properties (Other Real Estate Owned)Foreclosed property is initially recorded at fair value, less cost to sell. If the fair value, less cost to sell at the time of foreclosure is less than the loan balance, the deficiency is recorded as a loan charge-off against the ACL. If the fair value, less cost to sell, of the foreclosed property decreases during the holding period, a valuation allowance is established with a charge to operating expenses. When the foreclosed property is sold, a gain or loss is recognized on the sale for the difference between the sales proceeds and the carrying amount of the property. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill is an asset representing the future economic benefits from other assets acquired that are not individually identified and separately recognized. Goodwill is measured as the excess of the consideration transferred, net of the fair value of identifiable assets acquired and liabilities assumed at the acquisition date. Goodwill is not amortized, but instead is tested for impairment annually or more frequently if events or circumstances exist that indicate a goodwill impairment test should be performed. Other intangible assets, which are initially recorded at fair value, consist of core deposit and customer list intangibles resulting from acquisitions. Core deposit intangible assets are amortized over their estimated useful lives using the sum-of-the-years-digits method. Customer list intangibles are amortized over their estimated useful lives using the straight-line method. Management evaluates other intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from United, the transferee obtains the right, free of conditions that constrain it from taking advantage of that right, to pledge or exchange the transferred assets and United does not maintain effective control over the transferred assets through an agreement to repurchase them before maturity. |
Servicing Rights | Servicing Rights United records a separate servicing asset for SBA loans, USDA loans, and residential mortgage loans when the loan is sold but servicing is retained. This asset represents the right to service the loans and receive a fee in compensation. Servicing assets are initially recorded at their fair value as a component of the sale proceeds. The fair value of the servicing assets is based on an analysis of discounted cash flows that incorporates estimates of (1) market servicing costs, (2) market-based prepayment rates, and (3) market profit margins. Servicing assets are included in other assets. United has elected to subsequently measure the servicing assets for government guaranteed loans and residential mortgage loans at fair value. The rate of prepayment of loans serviced is the most significant estimate involved in the measurement process. Estimates of prepayment rates are based on market expectations of future prepayment rates, industry trends, and other considerations. Actual prepayment rates will differ from those projected by management due to changes in a variety of economic factors, including prevailing interest rates and the availability of alternative financing sources to borrowers. If actual prepayments of the loans being serviced were to occur more quickly than projected, the carrying value of servicing assets might have to be written down through a charge to earnings in the current period. If actual prepayments of the loans being serviced were to occur more slowly than had been projected, the carrying value of servicing assets could increase, and servicing income would exceed previously projected amounts. United accounts for the servicing liabilities associated with sold equipment financing loans using the amortization method. Servicing liabilities are included in accrued expenses and other liabilities. |
BOLI | BOLI United has purchased life insurance policies on certain key executives and members of management. United has also received life insurance policies on members of acquired bank management teams through acquisitions of other banks. BOLI is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other changes or other amounts due that are probable at settlement. |
Operating Leases | Operating Leases United records a ROU asset, included in other assets, and a related lease liability, included in other liabilities, for eligible operating leases for which it is the lessee, which include leases for land, buildings, and equipment. At lease commencement, United records the ROU asset and related lease liability based on the present value of lease payments over the lease term. Absent a readily determinable interest rate in the lease agreement, United utilizes the Bank’s incremental borrowing rate for secured borrowings as the discount rate used in the present value calculation. Payments related to these leases consist primarily of base rent and, in the case of building leases, additional operating costs associated with the leased property such as common area maintenance and utilities. In most cases these operating costs vary over the term of the lease, and therefore are classified as variable lease costs, which are recognized as incurred in the consolidated statement of income. In addition, certain operating leases include costs such as property taxes and insurance, which are recognized as incurred in the consolidated statement of |
Loan Commitments and Related Financial Instruments | Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The face amount for these items represents the exposure to loss before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. |
Revenue from Contracts with Customers | Revenue from Contracts with Customers In addition to lending and related activities, United offers various services to customers that generate revenue, certain of which are governed by ASC Topic 606 Revenue from Contracts with Customers . United’s services that fall within the scope of this topic are presented within noninterest income and include service charges and fees, wealth management fees, and other transaction-based fees. Revenue is recognized when the transactions occur or as services are performed over primarily monthly or quarterly periods. Payment is typically received in the period the transactions occur. Fees may be fixed or, where applicable, based on a percentage of transaction size. |
Income Taxes | Income Taxes DTAs and DTLs are recorded for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not. DTAs and DTLs are measured using enacted tax rates expected to apply to taxable income in the years in which the assets and liabilities are expected to be recovered or settled. The effect of a change in tax rates on DTAs and DTLs is recognized in income tax expense during the period that includes the enactment date. In the event the future tax consequences of differences between the financial reporting bases and the tax bases of assets and liabilities results in DTAs, an evaluation of the probability of being able to realize the future benefits indicated by such asset is required. A valuation allowance is provided for the portion of the DTA when it is more likely than not that some or all of the DTA will not be realized. In assessing the realizability of the DTAs, management considers the scheduled reversals of DTLs, projected future taxable earnings and prudent and feasible tax planning strategies. Management weighs both the positive and negative evidence, giving more weight to evidence that can be objectively verified. The income tax benefit or expense is the total of the current year income tax due or refundable and the change in DTAs and DTLs. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50 percent likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. United recognizes interest and / or penalties related to income tax matters in income tax expense. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities United’s interest rate risk management strategy incorporates the use of derivative instruments to minimize fluctuations in net income that are caused by interest rate volatility. The objective is to manage interest rate sensitivity by modifying the repricing or maturity characteristics of certain balance sheet assets and liabilities so that net interest revenue and certain interest sensitive components of noninterest revenue are not, on a material basis, adversely affected by movements in interest rates. United views this strategy as a prudent management of interest rate risk, such that net income is not exposed to undue risk presented by changes in interest rates. In carrying out this part of its interest rate risk management strategy, management uses derivatives, primarily interest rate swaps. Interest rate swaps generally involve the exchange of fixed- and variable-rate interest payments between two parties, based on a common notional principal amount and maturity date. United has also occasionally used interest rate caps to serve as an economic macro hedge of exposure to rising interest rates. United originates certain residential mortgage loans with the intention of selling these loans. Between the time United enters into an interest-rate lock commitment to originate a residential mortgage loan that is to be held for sale and the time the loan is funded and eventually sold, the Company is subject to the risk of variability in market prices. United enters into forward sale agreements to mitigate risk and to protect the expected gain on the eventual loan sale. The commitments to originate residential mortgage loans and forward loan sales commitments are freestanding derivative instruments which are entered into as part of an economic hedging strategy to manage exposure related to mortgage loans held for sale. To accommodate customers, United enters into interest rate swaps, caps or collars with certain commercial loan customers, with offsetting positions to dealers under a back-to-back swap/cap/collar program. In addition, United occasionally enters into credit risk participation agreements with counterparty banks to accept a portion of the credit risk related to interest rate swaps. This allows customers to execute an interest rate swap with one bank while allowing for the distribution of the credit risk among participating members. Credit risk participation agreements arise when United contracts with other financial institutions, as a guarantor, to share credit risk associated with certain interest rate swaps. These agreements provide for reimbursement of losses resulting from a third party default on the underlying swap. These transactions are typically executed in conjunction with a participation in a loan with the same customer. Collateral used to support the credit risk for the underlying lending relationship is also available to offset the risk of the credit risk participation. United classifies its derivative financial instruments as either (1) a hedge of an exposure to changes in the fair value of a recorded asset or liability (“fair value hedge”), (2) a hedge of an exposure to changes in the cash flows of a recognized asset, liability or forecasted transaction (“cash flow hedge”), or (3) derivatives not designated as accounting hedges. Changes in the fair value of derivatives not designated as hedges are recognized in current period earnings. United has master netting agreements with the derivatives dealers with which it does business, but reflects gross assets and liabilities at fair value on the consolidated balance sheets. United assesses hedge effectiveness at inception and over the life of the hedge. Management documents, at inception, its analysis of actual and expected hedge effectiveness. This analysis includes techniques such as regression analysis and hypothetical derivatives to demonstrate that the hedge is expected to be highly effective in offsetting corresponding changes in the fair value or cash flows of the hedged item. At least quarterly thereafter, the terms of the hedging instrument and the hedged item are assessed to determine whether a material change has occurred relating to the hedge relationship. If it is determined that a change has occurred, a quantitative analysis as described will occur to determine whether the hedge is expected to be highly effective in offsetting future corresponding changes in the fair value or cash flows of the hedged item. For a qualifying fair value hedge, the changes in the value of derivatives are recognized in current period earnings along with the corresponding changes in the fair value of the designated hedged item attributable to the risk being hedged. For a qualifying cash flow hedge, the changes in the fair value of the derivatives that have been highly effective are recognized in other comprehensive income until the related cash flows from the hedged item are recognized in earnings. For fair value hedges and cash flow hedges, ineffectiveness is recognized in the same income statement line as interest accruals on the hedged item to the extent that changes in the value of the derivative instruments do not perfectly offset changes in the value of the hedged items. If the hedge ceases to be highly effective, United discontinues hedge accounting and recognizes the changes in fair value in current period earnings. If a derivative that qualifies as a fair value or cash flow hedge is terminated or the designation removed, the realized or then unrealized gain or loss is recognized into income over the life of the hedged item (fair value hedge) or over the time when the hedged item was forecasted to impact earnings (cash flow hedge). Immediate recognition in earnings is required upon sale or extinguishment of the hedged item (fair value hedge) or if it is probable that the hedged cash flows will not occur (cash flow hedge). By using derivative instruments, United is exposed to credit and market risk. If the counterparty fails to perform, credit risk is represented by the fair value gain in a derivative. When the fair value of a derivative contract is positive, this situation generally indicates that the counterparty is obligated to pay United, and, therefore, creates a repayment risk for United. When the fair value of a derivative contract is negative, United is obligated to pay the counterparty and, therefore, has no repayment risk. United minimizes the credit risk in non-customer derivative instruments by entering into transactions with high-quality counterparties that are reviewed periodically by management. United also requires non-customer counterparties to pledge cash as collateral to cover the net exposure. All new non-customer derivatives that can be cleared are cleared through a central clearinghouse, which reduces counterparty exposure. Derivative activities are monitored by the ALCO as part its oversight of asset/liability and treasury functions. The ALCO is responsible for implementing various hedging strategies that are developed through its analysis of data from financial simulation |
Acquisition Activities | Acquisition Activities United accounts for business combinations under the acquisition method of accounting. Assets acquired and liabilities assumed are measured and recorded at fair value at the date of acquisition, including identifiable intangible assets. If the fair value of net assets purchased exceeds the fair value of consideration paid, a bargain purchase gain is recognized at the date of acquisition. Conversely, if the consideration paid exceeds the fair value of the net assets acquired, goodwill is recognized at the acquisition date. Fair values are subject to refinement for a period not to exceed one year after the closing date of an acquisition as information relative to closing date fair values becomes available. Fair values for acquired loans are generally based on a discounted cash flow methodology that considers credit loss expectations, market interest rates and other market factors such as liquidity from the perspective of a market participant. Loans are grouped together according to similar characteristics and are generally treated in the aggregate when applying various valuation techniques. The probability of default, loss given default and prepayment assumptions are the key factors driving credit losses which are embedded into the estimated cash flows. These assumptions are informed by internal data on loan characteristics, historical loss experience, and current and forecasted economic conditions. The interest and liquidity component of the estimate is determined by discounting interest and principal cash flows through the expected life of each loan. The discount rates used for loans are based on current market rates for new originations of comparable loans and include adjustments for liquidity. The discount rate does not include a factor for credit losses as that has been included as a reduction to the estimated cash flows. For additional information about the accounting for purchased loans see PCD Loans (CECL) under the Loans and Leases section of this footnote. All identifiable intangible assets that are acquired in a business combination are recognized at fair value on the acquisition date. Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented, or exchanged separately from the entity). Deposit liabilities and the related depositor relationship intangible assets may be exchanged in observable exchange transactions. As a result, the depositor relationship intangible asset is considered identifiable, because the separability criterion has been met. |
Earnings Per Common Share | Earnings Per Common ShareBasic earnings per common share is net income available to common shareholders divided by the weighted average number of shares of common stock outstanding during the period. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Additionally, shares issuable to participants in United’s deferred compensation plan are considered to be participating securities for purposes of calculating basic earnings per share. Accordingly, net income available to common shareholders is calculated pursuant to the two-class method, whereby net income after subtracting preferred stock dividends is allocated between common shareholders and participating securities. Diluted earnings per common share includes the dilutive effect of additional potential shares of common stock issuable under stock options, unvested restricted stock units without nonforfeitable rights to dividends, warrants and securities convertible into common stock. |
Loss Contingencies | Loss ContingenciesLoss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are such matters that will have a material effect on the financial statements. |
Dividend Restrictions | Dividend RestrictionsBanking regulations require maintaining certain capital levels and may limit dividends paid by the Bank to the Holding Company or by the Holding Company to shareholders. As a South Carolina state-chartered bank, the Bank is permitted to pay a dividend of up to 100% of its current year earnings without requesting approval of the SCBFI, provided certain conditions are met. Prior to July 1, 2021, as a Georgia state-chartered bank, the Board could declare dividends from the Bank to the Holding Company out of retained earnings of up to fifty percent of the Bank’s net income from the previous year without notifying or seeking approval from the GADBF, provided certain conditions were met. |
Fair Value of Financial Instruments | Fair Value of Financial InstrumentsFair values of financial instruments are estimated using relevant market information and other assumptions as more fully disclosed in Note 14. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, United uses a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). United has processes in place to review the significant valuation inputs and to reassess how the instruments are classified in the valuation framework. Fair Value Hierarchy Level 1 Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that United has the ability to access. Level 2 Valuation is based upon quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 Valuation is generated from model-based techniques that use at least one significant assumption based on unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. United’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The following is a description of the valuation methodologies used for assets and liabilities recorded at fair value. Investment Securities AFS debt securities and equity securities with readily determinable fair values are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include mortgage-backed securities issued by government sponsored entities, municipal bonds, corporate debt securities and asset-backed securities and are valued based on observable inputs that include: quoted market prices for similar assets, quoted market prices that are not in an active market or other inputs that are observable in the market and can be corroborated by observable market data for substantially the full term of the securities. Securities classified as Level 3 include those traded in less liquid markets and are valued based on estimates obtained from broker-dealers that are not directly observable. Deferred Compensation Plan Assets and Liabilities Included in other assets in the consolidated balance sheets are assets related to employee deferred compensation plans. The assets associated with these plans are invested in mutual funds and classified as Level 1. Deferred compensation liabilities, also classified as Level 1, are carried at the fair value of the obligation to the employee, which mirrors the fair value of the invested assets and is included in other liabilities in the consolidated balance sheets. Mortgage Loans Held for Sale United has elected the fair value option for newly originated mortgage loans held for sale in order to reduce certain timing differences and better match changes in fair values of the loans with changes in the value of derivative instruments used to economically hedge them. The fair value of mortgage loans held for sale is determined using quoted prices for a similar asset, adjusted for specific attributes of that loan and are classified as Level 2. Derivative Financial Instruments United uses derivatives to manage interest rate risk. The valuation of these instruments is typically determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts and the discounted expected variable cash payments. The variable cash payments are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. United also uses best effort and mandatory delivery forward loan sale commitments to hedge risk in its mortgage lending business. United incorporates credit valuation adjustments (“CVAs”) as necessary to appropriately reflect the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, United has considered the effect of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. Management has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy. However, the CVAs associated with these derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. Generally, management’s assessment of the significance of the CVAs has indicated that they are not a significant input to the overall valuation of the derivatives. In cases where management’s assessment indicates that the CVA is a significant input, the related derivative is disclosed as a Level 3 value. Other derivatives classified as Level 3 include structured derivatives for which broker quotes, used as a key valuation input, were not observable. Risk participation agreements are classified as Level 3 instruments due to the incorporation of significant Level 3 inputs used to evaluate the probability of funding and the likelihood of customer default. Interest rate lock commitments, which relate to mortgage loan commitments, are categorized as Level 3 instruments as the fair value of these instruments is based on unobservable inputs for commitments that United does not expect to fund. Servicing Rights for Residential Mortgage and SBA/USDA Loans United recognizes servicing rights upon the sale of residential mortgage and SBA/USDA loans sold with servicing retained. Management has elected to carry these assets at fair value. Given the nature of the assets, the key valuation inputs are unobservable and management considers these Level 3 assets. For disclosure regarding the fair value of servicing rights, see Note 10. |
Stock-Based Compensation | Stock-Based CompensationUnited uses the fair value method of recognizing expense for stock-based compensation based on the fair value of option and restricted stock unit awards at the date of grant. United accounts for forfeitures as they occur. |
Accounting Standards Updates and Recently Adopted Standards | Recently Adopted Standards In August 2021, the FASB issued ASU No. 2021-06, Presentation of Financial Statements (Topic 205), Financial Services - Depository and Lending (Topic 942) and Financial Services - Investment Companies (Topic 946): August 2021 Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and No. 33-10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants . Among other things, this update eliminates redundancies for items covered elsewhere in GAAP, such as loan category presentation. United adopted this update immediately, with no material impact on the consolidated financial statements. In October 2020, the FASB issued ASU No. 2020-10, Codification Improvements . In addition to consolidating existing disclosure guidance into a single codification section to reduce the likelihood of a required disclosure being missed, this update clarifies the application of select guidance in cases where the original guidance may have been unclear. United adopted this update as of January 1, 2021, with no material impact on the consolidated financial statements. In October 2020, the FASB issued ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs . This update clarifies that an entity should reevaluate whether a callable debt security meets the criteria to adjust the amortization period of any related premium at each reporting period. United adopted this update as of January 1, 2021, with no material impact on the consolidated financial statements. In January 2020, the FASB issued ASU No. 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) . This update clarifies whether an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative and how to account for certain forward contracts and purchased options to purchase securities. United adopted this update as of January 1, 2021, with no material impact on the consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This update removes several exceptions related to intraperiod tax allocation when there is a loss from continuing operations and income from other items, foreign subsidiaries becoming equity method investments and vice versa, and calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The guidance also amends requirements related to franchise tax that is partially based on income, a step up in the tax basis of goodwill, allocation of consolidated tax expense to a legal entity not subject to tax in its separate financial statements, the effects of enacted changes in tax laws and other minor codification improvements regarding employee stock ownership plans and investments in qualified affordable housing projects. United adopted this update as of January 1, 2021, with no material impact on the consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans . The update removes disclosures that are no longer considered cost beneficial, clarifies specific requirements of disclosures, and adds disclosure requirements identified as relevant. United adopted this update as of January 1, 2021, with no material impact on the consolidated financial statements. Accounting Standards Updates Not Yet Adopted as of December 31, 2021 In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from contracts with Customers . The update requires that an acquiring entity apply the guidance from Revenue from Contracts with Customers (Topic 606) to recognize and measure contract assets and contract liabilities in a business combination, rather than fair value. For public entities, this guidance is effective for fiscal years beginning after December 15, 2022, with early adoption permitted, and requires prospective application. United does not expect the new guidance to have a material impact on the consolidated financial statements. In July 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments . The update amends the lease classification requirements for lessors to align them with practice under the former lease accounting standard. Specifically, lessors should classify a lease with variable lease payments that do not depend on a reference index or rate as an operating lease if certain criteria are met. Adoption of this update as of January 1, 2022 did not have a material impact on the consolidated financial statements. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Acquisition [Line Items] | |
Schedule of actual results and pro forma information | The following table presents the actual results and pro forma information for the periods indicated (in thousands) . (Unaudited) Year Ended December 31, Revenue Net Income 2021 Actual Aquesta results included in statement of income since acquisition date $ 2,122 $ (282) Actual FinTrust results included in statement of income since acquisition date 4,326 (26) Supplemental consolidated pro forma as if Aquesta and FinTrust had been acquired January 1, 2020 771,289 279,568 2020 Actual Three Shores results included in statement of income since acquisition date $ 24,541 $ 6,800 Supplemental consolidated pro forma as if Aquesta and FinTrust had been acquired January 1, 2020 and Three Shores had been acquired January 1, 2019 622,848 164,284 2019 Actual FMBT results included in statement of income since acquisition date $ 7,525 $ 4,053 Supplemental consolidated pro forma as if Three Shores had been acquired on January 1, 2019 and FMBT had been acquired January 1, 2018 636,079 210,232 |
Aquesta | |
Business Acquisition [Line Items] | |
Schedule of purchased assets and assumed liabilities and supplementary information | The following table presents purchased assets and assumed liabilities recorded at their acquisition date fair values and consideration transferred as well as supplementary information related to the acquired loan portfolio at the acquisition date (in thousands) . Aquesta Fair Value Recorded by United October 1, 2021 Assets Cash and cash equivalents $ 153,091 Debt securities 60,762 Loans 498,312 Premises and equipment 18,112 BOLI 12,540 Accrued interest receivable 1,419 Net deferred tax asset 2,129 Core deposit intangible 2,030 Other assets 7,553 Total assets acquired 755,948 Liabilities Deposits 657,724 FHLB advances 24,509 Other liabilities 12,084 Total liabilities assumed 694,317 Total identifiable net assets 61,631 Consideration transferred Cash 40,542 Common stock issued (2,731,435 shares) 89,646 Option and warrant equity instruments converted 1,478 Total fair value of consideration transferred 131,666 Goodwill $ 70,035 Supplementary Information on Acquired Loans October 1, 2021 PCD loans: Par Value $ 75,579 ACL at acquisition (3,544) Non-credit discount (692) Purchase price $ 71,343 Non-PCD loans: Fair value $ 426,969 Gross contractual amounts receivable 482,737 Estimate of contractual cash flows not expected to be collected 3,399 |
Three Shores | |
Business Acquisition [Line Items] | |
Schedule of purchased assets and assumed liabilities and supplementary information | The following table presents purchased assets and assumed liabilities recorded at their acquisition date fair values and consideration transferred as well as supplementary information related to the acquired loan portfolio at the acquisition date (in thousands) Three Shores Fair Value Recorded by United July 1, 2020 Assets Cash and cash equivalents $ 219,807 Debt securities 381,740 Loans 1,427,966 Premises and equipment 1,584 Accrued interest receivable 7,681 Derivative assets 11,800 Net deferred tax asset 15,061 Core deposit intangible 3,360 Other assets 65,340 Total assets acquired 2,134,339 Liabilities Deposits 1,802,694 FHLB advances and long-term debt 144,121 Derivative liabilities 12,165 Other liabilities 28,046 Total liabilities assumed 1,987,026 Total identifiable net assets 147,313 Consideration transferred Cash 24,108 Common stock issued (8,130,633 shares) 163,589 Total fair value of consideration transferred 187,697 Goodwill $ 40,384 Supplementary Information on Acquired Loans July 1, 2020 PCD loans: Par Value $ 283,137 ACL at acquisition (11,152) Non-credit discount (8,694) Purchase price $ 263,291 Non-PCD loans: Fair value $ 1,164,675 Gross contractual amounts receivable 1,358,793 Estimate of contractual cash flows not expected to be collected 76,503 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Information | The supplemental schedule of cash and noncash activities for the periods indicated is as follows (in thousands) . 2021 2020 2019 Cash paid during the period for: Interest $ 32,000 $ 59,967 $ 85,973 Income taxes paid 55,754 36,536 33,776 Significant non-cash investing and financing transactions: Transfers of loans to foreclosed properties 1,849 822 1,173 Unsettled sales of government guaranteed loans — — 8,194 Acquisitions: Assets acquired 848,806 2,174,723 264,937 Liabilities assumed 695,420 1,987,026 212,844 Net assets acquired 153,386 187,697 52,093 Value of common stock issued 94,046 163,589 — Other non-cash consideration (1) 9,178 — — (1) See Note 3, Acquisitions, for further detail. |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost basis, unrealized gains and losses and fair value of HTM debt securities | The cost basis, unrealized gains and losses, and fair value of HTM debt securities as of the dates indicated are as follows (in thousands) : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value As of December 31, 2021 U.S. Treasuries $ 19,803 $ 20 $ — $ 19,823 U.S. Government agencies & GSEs 70,180 — 1,121 69,059 State and political subdivisions 257,688 4,341 4,080 257,949 Residential MBS, Agency & GSE 381,641 2,021 3,687 379,975 Commercial MBS, Agency & GSE 411,786 4,106 8,915 406,977 Supranational entities 15,000 21 — 15,021 Total $ 1,156,098 $ 10,509 $ 17,803 $ 1,148,804 As of December 31, 2020 U.S. Government agencies & GSEs $ 10,575 $ 26 $ 11 $ 10,590 State and political subdivisions 197,723 7,658 242 205,139 Residential MBS, Agency & GSE 113,400 4,774 1 118,173 Commercial MBS, Agency & GSE 98,663 4,874 246 103,291 Total $ 420,361 $ 17,332 $ 500 $ 437,193 |
Schedule of amortized cost basis, unrealized gains and losses, and fair value of AFS debt securities | The cost basis, unrealized gains and losses, and fair value of AFS debt securities as of the dates indicated are as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value As of December 31, 2021 U.S. Treasuries $ 218,027 $ 1,661 $ 2,168 $ 217,520 U.S. Government agencies & GSEs 189,855 605 3,428 187,032 State and political subdivisions 263,269 15,237 2,662 275,844 Residential MBS, Agency & GSE 2,079,700 9,785 28,521 2,060,964 Residential MBS, Non-agency 81,925 2,249 4 84,170 Commercial MBS, Agency & GSE 870,563 2,974 16,156 857,381 Commercial MBS, Non-agency 15,202 1,268 — 16,470 Corporate bonds 194,164 814 1,812 193,166 Asset-backed securities 603,824 2,000 1,547 604,277 Total $ 4,516,529 $ 36,593 $ 56,298 $ 4,496,824 As of December 31, 2020 U.S. Treasuries $ 123,677 $ 4,395 $ — $ 128,072 U.S. Government agencies & GSEs 152,596 701 325 152,972 State and political subdivisions 253,630 20,891 49 274,472 Residential MBS, Agency & GSE 1,275,551 29,107 766 1,303,892 Residential MBS, Non-agency 174,322 7,499 128 181,693 Commercial MBS, Agency & GSE 524,852 8,013 597 532,268 Commercial MBS, Non-agency 15,350 1,513 — 16,863 Corporate bonds 70,057 1,711 1 71,767 Asset-backed securities 562,076 1,278 632 562,722 Total $ 3,152,111 $ 75,108 $ 2,498 $ 3,224,721 |
Schedule of HTM debt securities in an unrealized loss position | The following summarizes HTM debt securities in an unrealized loss position as of the dates indicated (in thousands) : Less than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized As of December 31, 2021 U.S. Government agencies & GSEs $ 64,658 $ 888 $ 4,401 $ 233 $ 69,059 $ 1,121 State and political subdivisions 131,128 3,590 9,006 490 140,134 4,080 Residential MBS, Agency & GSE 289,132 3,687 — — 289,132 3,687 Commercial MBS, Agency & GSE 314,049 8,540 10,384 375 324,433 8,915 Total unrealized loss position $ 798,967 $ 16,705 $ 23,791 $ 1,098 $ 822,758 $ 17,803 As of December 31, 2020 U.S. Government agencies & GSEs $ 4,677 $ 11 $ — $ — $ 4,677 $ 11 State and political subdivisions 14,870 242 — — 14,870 242 Residential MBS, Agency & GSE 999 1 — — 999 1 Commercial MBS, Agency & GSE 24,956 236 1,352 10 26,308 246 Total unrealized loss position $ 45,502 $ 490 $ 1,352 $ 10 $ 46,854 $ 500 |
Schedule of AFS debt securities in an unrealized loss position | The following summarizes AFS debt securities in an unrealized loss position as of the dates indicated (in thousands) : Less than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized As of December 31, 2021 U.S. Treasuries $ 111,606 $ 2,168 $ — $ — $ 111,606 $ 2,168 U.S. Government agencies & GSEs 132,893 2,591 20,093 837 152,986 3,428 State and political subdivisions 69,302 2,581 3,148 81 72,450 2,662 Residential MBS, Agency & GSE 1,534,744 25,799 74,481 2,722 1,609,225 28,521 Residential MBS, Non-agency 12,608 4 — — 12,608 4 Commercial MBS, Agency & GSE 582,235 13,098 66,014 3,058 648,249 16,156 Corporate bonds 149,246 1,811 16 1 149,262 1,812 Asset-backed securities 195,164 1,546 571 1 195,735 1,547 Total unrealized loss position $ 2,787,798 $ 49,598 $ 164,323 $ 6,700 $ 2,952,121 $ 56,298 As of December 31, 2020 U.S. Government agencies & GSEs $ 27,952 $ 324 $ 607 $ 1 $ 28,559 $ 325 State and political subdivisions 9,402 49 — — 9,402 49 Residential MBS, Agency & GSE 232,199 766 — — 232,199 766 Residential MBS, Non-agency 2,331 128 — — 2,331 128 Commercial MBS, Agency & GSE 89,918 597 — — 89,918 597 Corporate bonds 1,410 1 — — 1,410 1 Asset-backed securities 87,305 28 53,587 604 140,892 632 Total unrealized loss position $ 450,517 $ 1,893 $ 54,194 $ 605 $ 504,711 $ 2,498 |
Schedule of accrued interest receivable | The following table presents accrued interest receivable for the periods indicated on HTM and AFS debt securities (in thousands) , which was excluded from the estimate of credit losses. Accrued Interest Receivable December 31, 2021 December 31, 2020 HTM $ 3,596 $ 1,784 AFS 9,868 9,114 |
Schedule of AFS securities sales activity | Realized gains and losses are derived using the specific identification method for determining the cost of the securities sold. The following summarizes securities sales activities for the years ended December 31 (in thousands) : 2021 2020 2019 Proceeds from sales $ 288,986 $ 40,625 $ 352,106 Gross gains on sales $ 2,346 $ 748 $ 1,843 Gross losses on sales (2,263) — (2,864) Net gains (losses) on sales of securities $ 83 $ 748 $ (1,021) Income tax expense (benefit) attributable to sales $ (46) $ 191 $ (247) |
Schedule of amortized cost and fair value of AFS and HTM securities by contractual maturity | The amortized cost and fair value of AFS and HTM debt securities at December 31, 2021, by contractual maturity, are presented in the following table (in thousands). Expected maturities may differ from contractual maturities because issuers and borrowers may have the right to call or prepay obligations. AFS HTM Amortized Cost Fair Value Amortized Cost Fair Value Within 1 year: U.S. Treasuries $ 54,974 $ 55,418 $ — $ — U.S. Government agencies & GSEs 87 87 — — State and political subdivisions 15,008 15,247 5,200 5,324 Corporate bonds 2,657 2,657 — — 72,726 73,409 5,200 5,324 1 to 5 years: U.S. Treasuries 74,101 74,800 — — U.S. Government agencies & GSEs 22,946 22,798 — — State and political subdivisions 33,290 34,711 8,762 9,548 Corporate bonds 100,553 99,958 — — 230,890 232,267 8,762 9,548 5 to 10 years: U.S. Treasuries 88,952 $ 87,302 $ 19,803 $ 19,823 U.S. Government agencies & GSEs 79,812 77,606 31,962 31,578 State and political subdivisions 135,265 140,348 38,188 38,784 Corporate bonds 90,169 89,657 — — Supranational entities — — 15,000 15,021 394,198 394,913 104,953 105,206 More than 10 years: U.S. Government agencies & GSEs 87,010 86,541 38,218 37,481 State and political subdivisions 79,706 85,538 205,538 204,293 Corporate bonds 785 894 — — 167,501 172,973 243,756 241,774 Debt securities not due at a single maturity: Asset-backed securities 603,824 604,277 — — Residential MBS 2,161,625 2,145,134 381,641 379,975 Commercial MBS 885,765 873,851 411,786 406,977 Total $ 4,516,529 $ 4,496,824 $ 1,156,098 $ 1,148,804 |
Loans and Leases and Allowanc_2
Loans and Leases and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of major classifications of loan and lease portfolio | Major classifications of the loan and lease portfolio (collectively referred to as the “loan portfolio” or “loans”) are summarized as of the dates indicated as follows (in thousands) : December 31, 2021 2020 Owner occupied commercial real estate $ 2,321,685 $ 2,090,443 Income producing commercial real estate 2,600,858 2,540,750 Commercial & industrial (1) 1,910,162 2,498,560 Commercial construction 1,014,830 967,305 Equipment financing 1,083,021 863,830 Total commercial 8,930,556 8,960,888 Residential mortgage 1,637,885 1,284,920 HELOC 694,034 697,117 Residential construction 359,815 281,430 Consumer 138,056 146,460 Total loans 11,760,346 11,370,815 Less ACL - loans (102,532) (137,010) Loans, net $ 11,657,814 $ 11,233,805 |
Schedule of loans sold | The following table presents loans held for investment that were sold in the periods presented (in thousands). The gains and losses on these loan sales were included in noninterest income on the consolidated statements of income. Loans Sold 2021 2020 2019 Guaranteed portion of SBA/USDA loans $ 90,903 $ 48,385 $ 81,158 Equipment financing receivables 59,097 27,018 30,952 Indirect auto loans — — 102,789 Total $ 150,000 $ 75,403 $ 214,899 |
Schedule of components of net investment in leases | At December 31, 2021 and 2020, equipment financing assets included leases of $37.7 million and $36.8 million, respectively. The components of the net investment in leases, which included both sales-type and direct financing, are presented below (in thousands) . December 31, 2021 2020 Minimum future lease payments receivable $ 39,962 $ 38,934 Estimated residual value of leased equipment 3,216 3,263 Initial direct costs 669 672 Security deposits (687) (727) Purchase accounting premium — 117 Unearned income (5,432) (5,457) Net investment in leases $ 37,728 $ 36,802 |
Schedule of minimum future lease payments expected to be received from equipment financing lease contracts | Minimum future lease payments expected to be received from equipment financing lease contracts as of December 31, 2021 were as follows (in thousands) : Year 2022 $ 15,667 2023 11,601 2024 7,100 2025 4,136 2026 1,369 Thereafter 89 Total $ 39,962 |
Schedule of loans by aging category and accrual status | The following table presents the amortized cost basis in loans by aging category and accrual status as of December 31, 2021 and 2020 (in thousands). Loans with active COVID-19 deferrals are not reported as past due to the extent they are in compliance with the deferral terms. Accruing Loans Past Due Current Loans 30 - 59 Days 60 - 89 Days > 90 Days Nonaccrual Loans Total Loans As of December 31, 2021 Owner occupied commercial real estate $ 2,318,944 $ 27 $ — $ — $ 2,714 $ 2,321,685 Income producing commercial real estate 2,593,124 146 — — 7,588 2,600,858 Commercial & industrial 1,903,730 584 419 — 5,429 1,910,162 Commercial construction 1,014,211 — 276 — 343 1,014,830 Equipment financing 1,079,180 1,415 685 — 1,741 1,083,021 Total commercial 8,909,189 2,172 1,380 — 17,815 8,930,556 Residential mortgage 1,622,754 1,583 235 — 13,313 1,637,885 HELOC 691,814 920 88 — 1,212 694,034 Residential construction 358,741 654 — — 420 359,815 Consumer 137,564 421 19 — 52 138,056 Total loans $ 11,720,062 $ 5,750 $ 1,722 $ — $ 32,812 $ 11,760,346 As of December 31, 2020 Owner occupied commercial real estate $ 2,079,845 $ 2,013 $ 3 $ — $ 8,582 $ 2,090,443 Income producing commercial real estate 2,522,743 1,608 1,250 — 15,149 2,540,750 Commercial & industrial 2,480,483 1,176 267 — 16,634 2,498,560 Commercial construction 964,947 231 382 — 1,745 967,305 Equipment financing 856,985 2,431 1,009 — 3,405 863,830 Total commercial 8,905,003 7,459 2,911 — 45,515 8,960,888 Residential mortgage 1,265,019 5,549 1,494 — 12,858 1,284,920 HELOC 692,504 1,942 184 — 2,487 697,117 Residential construction 280,551 365 — — 514 281,430 Consumer 145,770 429 36 — 225 146,460 Total loans $ 11,288,847 $ 15,744 $ 4,625 $ — $ 61,599 $ 11,370,815 |
Schedule of nonaccrual loans by loan class | The following table presents nonaccrual loans by loan class for the periods indicated (in thousands) . Nonaccrual loans December 31, 2021 December 31, 2020 With no allowance With an allowance Total With no allowance With an allowance Total Owner occupied commercial real estate $ 2,141 $ 573 $ 2,714 $ 6,614 $ 1,968 $ 8,582 Income producing commercial real estate 6,873 715 7,588 10,008 5,141 15,149 Commercial & industrial 3,715 1,714 5,429 2,004 14,630 16,634 Commercial construction — 343 343 1,339 406 1,745 Equipment financing — 1,741 1,741 156 3,249 3,405 Total commercial 12,729 5,086 17,815 20,121 25,394 45,515 Residential mortgage 3,126 10,187 13,313 1,855 11,003 12,858 HELOC 219 993 1,212 1,329 1,158 2,487 Residential construction 280 140 420 274 240 514 Consumer 6 46 52 181 44 225 Total $ 16,360 $ 16,452 $ 32,812 $ 23,760 $ 37,839 $ 61,599 |
Schedule of risk category of term loans by vintage year | The following tables present the risk category of term loans by vintage year, which is the year of origination or most recent renewal, as of the date indicated (in thousands). Term Loans Revolvers Revolvers converted to term loans Total As of December 31, 2021 2021 2020 2019 2018 2017 Prior Pass Owner occupied commercial real estate $ 643,151 $ 674,124 $ 278,702 $ 153,233 $ 139,584 $ 267,460 $ 68,354 $ 17,150 $ 2,241,758 Income producing commercial real estate 668,322 678,487 333,911 221,218 165,563 219,459 41,157 11,830 2,339,947 Commercial & industrial 638,567 270,150 178,944 136,281 50,567 72,904 514,750 4,361 1,866,524 Commercial construction 378,695 303,154 149,740 40,625 22,983 13,206 12,628 1,673 922,704 Equipment financing 563,618 271,913 167,904 63,254 13,145 903 — — 1,080,737 Total commercial 2,892,353 2,197,828 1,109,201 614,611 391,842 573,932 636,889 35,014 8,451,670 Residential mortgage 781,007 370,092 108,091 64,346 71,552 221,131 9 3,915 1,620,143 HELOC — — — — — — 676,545 14,994 691,539 Residential construction 325,111 16,301 2,802 2,278 3,144 9,352 — 33 359,021 Consumer 57,530 29,218 10,757 5,137 1,439 1,355 32,312 111 137,859 4,056,001 2,613,439 1,230,851 686,372 467,977 805,770 1,345,755 54,067 11,260,232 Special Mention Owner occupied commercial real estate 7,772 2,979 16,639 4,374 6,007 2,641 248 286 40,946 Income producing commercial real estate 64,139 27,875 21,875 22,292 18,415 21,880 — — 176,476 Commercial & industrial 1,037 1,831 2,740 597 273 303 2,242 — 9,023 Commercial construction 14,283 16,237 13,149 22,479 11,766 52 — — 77,966 Equipment financing — — — — — — — — — Total commercial 87,231 48,922 54,403 49,742 36,461 24,876 2,490 286 304,411 Residential mortgage — — — — — — — — — HELOC — — — — — — — — — Residential construction — — — — — — — — — Consumer — — — — — — — — — 87,231 48,922 54,403 49,742 36,461 24,876 2,490 286 304,411 Substandard Owner occupied commercial real estate 11,987 1,049 4,216 3,712 5,829 11,088 — 1,100 38,981 Income producing commercial real estate 15,485 12,618 3,779 29,212 6,726 16,531 — 84 84,435 Commercial & industrial 2,741 1,615 5,284 12,685 1,232 5,863 4,326 869 34,615 Commercial construction 3,464 157 272 11 9,750 255 — 251 14,160 Equipment financing 428 590 676 503 84 3 — — 2,284 Total commercial 34,105 16,029 14,227 46,123 23,621 33,740 4,326 2,304 174,475 Residential mortgage 3,339 1,585 2,813 3,229 1,205 4,744 — 827 17,742 HELOC — — — — — — 329 2,166 2,495 Residential construction 407 — 30 51 — 306 — — 794 Consumer 37 16 22 26 22 50 3 21 197 37,888 17,630 17,092 49,429 24,848 38,840 4,658 5,318 195,703 Total $ 4,181,120 $ 2,679,991 $ 1,302,346 $ 785,543 $ 529,286 $ 869,486 $ 1,352,903 $ 59,671 $ 11,760,346 Term Loans Revolvers Revolvers converted to term loans Total As of December 31, 2020 2020 2019 2018 2017 2016 Prior Pass Owner occupied commercial real estate $ 707,501 $ 368,615 $ 231,316 $ 197,778 $ 201,362 $ 229,667 $ 56,273 $ 9,072 $ 2,001,584 Income producing commercial real estate 815,799 376,911 361,539 277,769 206,068 198,080 28,542 12,128 2,276,836 Commercial & industrial 1,092,767 287,857 263,439 115,790 92,968 58,359 515,593 3,777 2,430,550 Commercial construction 314,154 217,643 226,308 53,708 30,812 21,985 20,278 3,947 888,835 Equipment financing 413,653 270,664 125,869 39,982 9,404 445 — — 860,017 Total commercial 3,343,874 1,521,690 1,208,471 685,027 540,614 508,536 620,686 28,924 8,457,822 Residential mortgage 468,945 195,213 125,492 120,944 122,013 230,771 18 5,393 1,268,789 HELOC — — — — — — 675,878 17,581 693,459 Residential construction 225,727 30,646 4,026 4,544 3,172 12,546 — 64 280,725 Consumer 54,997 25,528 14,206 4,531 3,595 1,677 41,445 76 146,055 4,093,543 1,773,077 1,352,195 815,046 669,394 753,530 1,338,027 52,038 10,846,850 Special Mention Owner occupied commercial real estate 8,759 4,088 4,221 10,025 11,138 4,728 100 — 43,059 Income producing commercial real estate 35,471 42,831 39,954 13,238 24,164 11,337 — 1,681 168,676 Commercial & industrial 1,451 16,315 2,176 630 459 17 6,464 — 27,512 Commercial construction 21,366 272 816 23,292 11,775 477 — — 57,998 Equipment financing — — — — — — — — — Total commercial 67,047 63,506 47,167 47,185 47,536 16,559 6,564 1,681 297,245 Residential mortgage — — — — — — — — — HELOC — — — — — — — — — Residential construction — — — — — — — — — Consumer — — — — — — — — — 67,047 63,506 47,167 47,185 47,536 16,559 6,564 1,681 297,245 Substandard Owner occupied commercial real estate 6,586 10,473 7,596 3,717 6,753 8,473 1,528 674 45,800 Income producing commercial real estate 45,125 8,940 2,179 5,034 31,211 2,652 — 97 95,238 Commercial & industrial 1,545 5,536 6,193 1,684 1,292 1,485 22,170 593 40,498 Commercial construction 2,466 735 13,741 340 1,931 250 — 1,009 20,472 Equipment financing 631 1,392 1,371 306 96 17 — — 3,813 Total commercial 56,353 27,076 31,080 11,081 41,283 12,877 23,698 2,373 205,821 Residential mortgage 2,049 2,106 3,174 1,369 679 5,860 — 894 16,131 HELOC — — — — — — 265 3,393 3,658 Residential construction 106 37 54 4 124 380 — — 705 Consumer — 97 49 60 78 98 — 23 405 58,508 29,316 34,357 12,514 42,164 19,215 23,963 6,683 226,720 Total $ 4,219,098 $ 1,865,899 $ 1,433,719 $ 874,745 $ 759,094 $ 789,304 $ 1,368,554 $ 60,402 $ 11,370,815 |
Schedule of loans modified under the terms of a TDR, including TDR loans that defaulted | Loans modified under the terms of a TDR during the years ended December 31 are presented in the table below. In addition, the following table presents loans modified under the terms of a TDR that defaulted (became 90 days or more delinquent) during the years ended December 31 that were initially restructured within one year prior to default (dollars in thousands) : New TDRs Number of Post-Modification Outstanding Recorded Investment TDRs Modified Within the Year That Have Subsequently Defaulted Year Ended December 31, 2021 Rate Structure Other Total Number of Contracts Recorded Owner occupied commercial real estate 2 $ — $ 731 $ — $ 731 1 $ 99 Income producing commercial real estate 3 — — 1,697 1,697 — — Commercial & industrial 8 — 597 103 700 2 76 Commercial construction 1 — 309 — 309 — — Equipment financing 62 — 4,689 — 4,689 15 375 Total commercial 76 — 6,326 1,800 8,126 18 550 Residential mortgage 16 — 1,528 57 1,585 4 593 HELOC — — — — — 2 92 Residential construction — — — — — — — Consumer — — — — — — — Total 92 $ — $ 7,854 $ 1,857 $ 9,711 24 $ 1,235 Year Ended December 31, 2020 Owner occupied commercial real estate 8 $ — $ 833 $ 1,536 $ 2,369 — $ — Income producing commercial real estate 7 — 4,856 6,699 11,555 1 5,998 Commercial & industrial 4 — 586 15 601 3 819 Commercial construction 7 — 832 70 902 — — Equipment financing 172 — 5,821 5,821 22 944 Total commercial 198 — 12,928 8,320 21,248 26 7,761 Residential mortgage 40 — 4,359 3 4,362 2 145 HELOC 4 — 164 — 164 1 60 Residential construction 3 — 123 — 123 — — Consumer 7 — 11 24 35 1 3 Total 252 $ — $ 17,585 $ 8,347 $ 25,932 30 $ 7,969 Year Ended December 31, 2019 Owner occupied commercial real estate 4 $ — $ 1,739 $ — $ 1,739 — $ — Income producing commercial real estate 3 — 9,013 — 9,013 — — Commercial & industrial 2 — 75 7 82 — — Commercial construction — — — — — — — Equipment financing 9 — 1,071 — 1,071 — — Total commercial 18 — 11,898 7 11,905 — — Residential mortgage 15 — 2,057 — 2,057 1 135 HELOC 1 — 50 — 50 — — Residential construction 1 — — 21 21 1 13 Consumer 5 — — 45 45 — — Indirect auto 15 — — 262 262 — — Total 55 $ — $ 14,005 $ 335 $ 14,340 2 $ 148 |
Schedule of balance and activity in the ACL by portfolio segment | The following table presents the balance and activity in the ACL by portfolio segment for the periods indicated (in thousands) : CECL Year Ended December 31, 2021 Beginning Initial ACL- PCD loans (1) Charge-Offs Recoveries Provision Ending Owner occupied commercial real estate $ 20,673 $ 280 $ (1,640) $ 1,324 $ (6,355) $ 14,282 Income producing commercial real estate 41,737 982 (267) 496 (18,792) 24,156 Commercial & industrial 22,019 312 (4,776) 7,275 (8,238) 16,592 Commercial construction 10,952 1,969 (334) 1,081 (3,712) 9,956 Equipment financing 16,820 — (5,724) 2,619 2,575 16,290 Residential mortgage 15,341 — (344) 564 (3,171) 12,390 HELOC 8,417 1 (112) 517 (2,255) 6,568 Residential construction 764 — (10) 157 936 1,847 Consumer 287 — (2,066) 1,202 1,028 451 ACL - loans 137,010 3,544 (15,273) 15,235 (37,984) 102,532 ACL - unfunded commitments 10,558 — — — 434 10,992 Total ACL $ 147,568 $ 3,544 $ (15,273) $ 15,235 $ (37,550) $ 113,524 (1) Represents the initial ACL related to PCD loans acquired in the Aquesta transaction. Year Ended December 31, 2020 Dec. 31, 2019 Adoption of CECL Jan. 1, 2020 Initial ACL- PCD loans (1) Charge-Offs Recoveries Provision Ending Owner occupied commercial $ 11,404 $ (1,616) $ 9,788 $ 1,779 $ (70) $ 2,565 $ 6,611 $ 20,673 Income producing commercial 12,306 (30) 12,276 1,208 (8,430) 3,546 33,137 41,737 Commercial & industrial 5,266 4,012 9,278 7,680 (10,707) 1,371 14,397 22,019 Commercial construction 9,668 (2,583) 7,085 74 (726) 1,045 3,474 10,952 Equipment financing 7,384 5,871 13,255 — (8,764) 2,004 10,325 16,820 Residential mortgage 8,081 1,569 9,650 195 (398) 455 5,439 15,341 HELOC 4,575 1,919 6,494 209 (221) 677 1,258 8,417 Residential construction 2,504 (1,771) 733 — (93) 156 (32) 764 Consumer 901 (491) 410 7 (2,985) 2,259 596 287 ACL - loans 62,089 6,880 68,969 11,152 (32,394) 14,078 75,205 137,010 ACL - unfunded commitments 3,458 1,871 5,329 — — — 5,229 10,558 Total ACL $ 65,547 $ 8,751 $ 74,298 $ 11,152 $ (32,394) $ 14,078 $ 80,434 $ 147,568 (1) Represents the initial ACL related to PCD loans acquired in the Three Shores transaction. Incurred Loss Year Ended December 31, 2019 Beginning Charge-Offs Recoveries Provision Ending Owner occupied commercial real estate $ 12,207 $ (5) $ 375 $ (1,173) $ 11,404 Income producing commercial real estate 11,073 (1,227) 283 2,177 12,306 Commercial & industrial 4,802 (5,849) 852 5,461 5,266 Commercial construction 10,337 (290) 1,165 (1,544) 9,668 Equipment financing 5,452 (5,675) 781 6,826 7,384 Residential mortgage 8,295 (616) 481 (79) 8,081 HELOC 4,752 (996) 610 209 4,575 Residential construction 2,433 (306) 157 220 2,504 Consumer 853 (2,390) 911 1,527 901 Indirect auto 999 (663) 186 (522) — ACL - loans 61,203 (18,017) 5,801 13,102 62,089 ACL - unfunded commitments 3,410 — — 48 3,458 Total ACL $ 64,613 $ (18,017) $ 5,801 $ 13,150 $ 65,547 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of premises and equipment | Premises and equipment are summarized as follows as of the dates indicated (in thousands) : December 31, 2021 2020 Land and land improvements $ 95,029 $ 82,816 Buildings and improvements 189,339 173,497 Furniture and equipment 100,205 96,157 Construction in progress 10,088 7,590 394,661 360,060 Less accumulated depreciation (149,365) (141,571) Premises and equipment, net $ 245,296 $ 218,489 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of fair value of derivative financial instruments on consolidated balance sheet | The table below presents the fair value of derivative financial instruments as of the dates indicated as well as their classification on the consolidated balance sheets (in thousands) : December 31, 2021 December 31, 2020 Notional Amount Fair Value Notional Amount Fair Value Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments: Cash flow hedge of subordinated debt $ 100,000 $ 6,389 $ — $ 100,000 $ 3,378 $ — Cash flow hedge of trust preferred securities 20,000 — — 20,000 — — Fair value hedge of brokered CDs 10,000 — — 20,000 — — Total 130,000 6,389 — 140,000 3,378 — Derivatives not designated as hedging instruments: Customer derivative positions 1,206,145 28,656 10,663 1,329,271 72,508 17 Dealer offsets to customer derivative positions 1,230,885 974 9,232 1,329,271 1 24,614 Risk participations 69,385 16 7 48,843 28 12 Mortgage banking - loan commitment 110,897 3,450 — 253,243 10,751 — Mortgage banking - forward sales commitment 201,419 67 202 325,145 — 1,964 Bifurcated embedded derivatives 51,935 2,928 — 51,935 — 1,449 Dealer offsets to bifurcated embedded derivatives 51,935 — 5,041 51,935 — 947 Total 2,922,601 36,091 25,145 3,389,643 83,288 29,003 Total derivatives $ 3,052,601 $ 42,480 $ 25,145 $ 3,529,643 $ 86,666 $ 29,003 Total gross derivative instruments $ 42,480 $ 25,145 $ 86,666 $ 29,003 Less: Amounts subject to master netting agreements (694) (694) (114) (114) Less: Cash collateral received/pledged (6,620) (14,148) (3,200) (27,092) Net amount $ 35,166 $ 10,303 $ 83,352 $ 1,797 |
Schedule of effect of derivatives in hedging relationships consolidated statements of income | The table below presents the effect of derivatives in hedging relationships on the consolidated statements of income (in thousands) . Year Ended December 31, 2021 2020 2019 Total interest expense presented in the consolidated statements of income $ (29,760) $ (56,237) $ (83,312) Effect of hedging relationships on interest expense: Net income (expense) recognized on fair value hedges 210 281 (360) Net expense recognized on cash flow hedges (1) (2) (608) (359) — (1) Excludes 2019 amortization of losses related to de-designated cash flow hedges. See Note 17 for further detail. (2) Includes $472,000 and $329,000 of premium amortization expense excluded from the assessment of hedge effectiveness for the years ended December 31, 2021 and 2020 . |
Schedule of carrying amount and cumulative fair value hedging adjustments on hedged liability | The table below presents the carrying amount of hedged fixed-rate brokered time deposits and cumulative fair value hedging adjustments included in the carrying amount of the hedged liability for the periods presented (in thousands) . December 31, 2021 2020 Balance Sheet Location Carrying amount of Assets (Liabilities) Hedge Accounting Basis Adjustment Carrying amount of Assets (Liabilities) Hedge Accounting Basis Adjustment Deposits $ (10,026) $ (28) $ (20,216) $ (235) |
Schedule of gains and losses recognized in income on derivatives not designated as hedging instruments | The table below presents the gains and losses recognized in income on derivatives not designated as hedging instruments for the periods indicated (in thousands) . Income Statement Location Year Ended December 31, 2021 2020 2019 Customer derivatives and dealer offsets Other noninterest income $ 3,302 $ 6,732 $ 2,878 Bifurcated embedded derivatives and dealer offsets Other noninterest income 433 (63) 212 De-designated hedges Other noninterest income — — (193) Mortgage banking derivatives Mortgage loan revenue (1,805) (7,873) (1,797) Risk participations Other noninterest income (90) (340) (3) Total gains and losses $ 1,840 $ (1,544) $ 1,097 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of carrying amount of goodwill and other intangible assets | The carrying amount of goodwill and other intangible assets is summarized below as of the dates indicated (in thousands) : December 31, 2021 2020 Core deposit intangible $ 38,192 $ 36,162 Less: accumulated amortization (25,870) (22,148) Net core deposit intangible 12,322 14,014 Customer relationship intangible 8,400 — Less: accumulated amortization (322) — Net customer relationship intangible 8,078 — Total intangibles subject to amortization, net 20,400 14,014 Goodwill 452,007 367,809 Total goodwill and other intangible assets, net $ 472,407 $ 381,823 |
Schedule of changes in the carrying amounts of goodwill | The following is a summary of changes in the carrying amounts of goodwill for the years indicated (in thousands) : Goodwill (1) December 31, 2019 $ 327,425 Acquisition of Three Shores 40,384 December 31, 2020 367,809 Acquisition of FinTrust 14,163 Acquisition of Aquesta 70,035 December 31, 2021 $ 452,007 (1) Goodwill balances presented are shown net of accumulated impairment losses of $306 million incurred prior to 2019. Gross goodwill for December 31, 2021, 2020, and 2019 totaled $758 million, $673 million and $633 million, respectively. |
Schedule of estimated aggregate amortization expense for future periods | The estimated aggregate amortization expense for future periods for finite lived intangibles is as follows (in thousands) : Year 2022 $ 4,081 2023 3,447 2024 2,849 2025 2,169 2026 1,709 Thereafter 6,145 Total $ 20,400 |
Servicing Assets and Liabilit_2
Servicing Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Transfers and Servicing [Abstract] | |
Schedule of changes in SBA/USDA servicing rights | The following table summarizes the changes in SBA/USDA servicing rights for the years indicated ( in thousands ). 2021 2020 2019 Beginning of period $ 6,462 $ 6,794 $ 7,510 Acquired servicing rights 581 — — Originated servicing rights capitalized upon sale of loans 2,005 1,114 1,835 Disposals (1,430) (624) (1,258) Changes in fair value due to change in inputs or assumptions used in the valuation (1,105) (822) (1,293) End of period $ 6,513 $ 6,462 $ 6,794 |
Schedule of key characteristics, inputs, and economic assumptions used to estimate the fair value of SBA/USDA loans servicing asset and sensitivity | A summary of the key characteristics, inputs, and economic assumptions used in the discounted cash flow method utilized to estimate the fair value of the servicing asset for SBA/USDA loans and the sensitivity of the fair values to immediate adverse changes in those assumptions are shown in the table below as of the dates indicated (dollars in thousands) : December 31, 2021 2020 Fair value of retained servicing assets $ 6,513 $ 6,462 Prepayment rate assumption: Weighted average 16.3 % 17.8 % Range 3.2% - 31.3% 2.7% - 33.6% 10% adverse change $ (309) $ (358) 20% adverse change (591) (680) Discount rate: Weighted average 10.3 % 8.9 % Range 0.0% - 45.4% 1.6% - 44.1% 100 bps adverse change $ (166) $ (171) 200 bps adverse change (323) (333) |
Schedule of changes in residential mortgage servicing rights | The following table summarizes the changes in residential mortgage servicing rights for the years indicated ( in thousands ). 2021 2020 2019 Beginning of period $ 16,216 $ 13,565 $ 11,877 Originated servicing rights capitalized upon sale of loans 12,510 11,911 5,783 Disposals (4,275) (2,868) (1,098) Changes in fair value due to change in inputs or assumptions used in the valuation 710 (6,392) (2,997) End of period $ 25,161 $ 16,216 $ 13,565 |
Schedule of key characteristics, inputs, and economic assumptions used to estimate the fair value of residential mortgage loans servicing asset and sensitivity | A summary of the key characteristics, inputs, and economic assumptions used to estimate the fair value of the servicing asset for residential mortgage loans and the sensitivity of the fair values to immediate adverse changes in those assumptions are shown in the table below as of the dates indicated (in thousands) : December 31, 2021 2020 Fair value of retained servicing assets $ 25,161 $ 16,216 Prepayment rate assumption: Weighted average 12.6 % 17.7 % Range 7.0% - 77.6% 8.7% - 19.5% 10% adverse change $ (1,229) $ (999) 20% adverse change (2,367) (1,912) Discount rate: Weighted average 9.5 % 10.0 % Range 9.5% - 10.5% 10.0% - 11.0% 100 bps adverse change $ (877) $ (518) 200 bps adverse change (1,693) (1,001) |
Time Deposits (Tables)
Time Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Schedule of contractual maturities of time deposits, including brokered time deposits | At December 31, 2021, the contractual maturities of time deposits, including brokered time deposits, are summarized as follows (in thousands) : 2022 $ 1,237,100 2023 142,305 2024 35,497 2025 21,479 2026 19,810 Thereafter 50,260 Total time deposits $ 1,506,451 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Long-term debt consisted of the following (in thousands) : December 31, Issue Date Stated Maturity Date Earliest Call Date 2021 2020 Interest Rate Obligations of the Bank: 2026 subordinated debentures $ — $ 15,000 2016 2026 2021 5.875% through August 2021, 3-month LIBOR plus 4.70% thereafter — 15,000 Obligations of the Holding Company: 2022 senior debentures — 50,000 2015 2022 2020 5.000% through August 2020, 3-month LIBOR plus 3.814% thereafter 2027 senior debentures 35,000 35,000 2015 2027 2025 5.500% through August 2025, 3-month LIBOR plus 3.71% thereafter 2030 senior debentures 100,000 100,000 2020 2030 2025 5.00% through June 2025, 3-month SOFR plus 4.87% thereafter Total senior debentures 135,000 185,000 2028 subordinated debentures 100,000 100,000 2018 2028 2023 4.500% through January 2023, 3-month LIBOR plus 2.12% thereafter 2025 subordinated debentures — 11,250 2015 2025 2020 6.250% Total subordinated debentures 100,000 111,250 Southern Bancorp Capital Trust I — 4,382 2004 2034 2009 Prime + 1.00% Tidelands Statutory Trust I 8,248 8,248 2006 2036 2011 3-month LIBOR plus 1.38% Four Oaks Statutory Trust I 12,372 12,372 2006 2036 2011 3-month LIBOR plus 1.35% Total trust preferred securities 20,620 25,002 Less net discount (8,260) (9,296) Total long-term debt $ 247,360 $ 326,956 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of ROU asset and operating lease liability | The following table presents the balances of the ROU asset and corresponding operating lease liability as of the dates indicated (in thousands). December 31, Balance Sheet Location 2021 2020 ROU asset Other assets $ 29,421 $ 31,398 Operating lease liability Other liabilities 31,072 33,095 |
Schedule of operating lease income and expense and other supplemental information | The table below presents the operating lease income and expense recognized for the periods indicated (in thousands). Income Statement Location 2021 2020 2019 Operating lease cost Occupancy expense $ 8,186 $ 6,449 $ 5,067 Variable lease cost Occupancy expense 1,066 757 449 Short-term lease cost Occupancy expense 85 100 136 Total lease cost $ 9,337 $ 7,306 $ 5,652 Sublease income and rental income from owned properties under operating leases Other noninterest income $ 976 $ 1,022 $ 1,160 Weighted average remaining lease term 5.40 years 5.74 years 5.33 years Weighted average discount rate 1.58 % 1.79 % 2.79 % |
Schedule of future minimum lease payments under operating leases | As of December 31, 2021, future minimum lease payments under operating leases were as follows (in thousands) : Year 2022 $ 8,197 2023 8,080 2024 4,222 2025 2,933 2026 2,756 Thereafter 6,242 Total 32,430 Less discount (1,358) Present value of lease liability $ 31,072 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | The table below presents United’s assets and liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands) : December 31, 2021 Level 1 Level 2 Level 3 Total Assets: AFS debt securities: U.S. Treasuries $ 217,520 $ — $ — $ 217,520 U.S. Government agencies & GSEs — 187,032 — 187,032 State and political subdivisions — 275,844 — 275,844 Residential MBS — 2,145,134 — 2,145,134 Commercial MBS — 873,851 — 873,851 Corporate bonds — 190,771 2,395 193,166 Asset-backed securities — 604,277 — 604,277 Equity securities with readily determinable fair values — 1,302 — 1,302 Mortgage loans held for sale — 44,109 — 44,109 Deferred compensation plan assets 11,769 — — 11,769 Servicing rights for SBA/USDA loans — — 6,513 6,513 Residential mortgage servicing rights — — 25,161 25,161 Derivative financial instruments — 35,722 6,758 42,480 Total assets $ 229,289 $ 4,358,042 $ 40,827 $ 4,628,158 Liabilities: Deferred compensation plan liability $ 11,795 $ — $ — $ 11,795 Derivative financial instruments — 20,097 5,048 25,145 Total liabilities $ 11,795 $ 20,097 $ 5,048 $ 36,940 December 31, 2020 Level 1 Level 2 Level 3 Total Assets: AFS debt securities: U.S. Treasuries $ 128,072 $ — $ — $ 128,072 U.S. Government agencies & GSEs — 152,972 — 152,972 State and political subdivisions — 274,472 — 274,472 Residential MBS — 1,485,585 — 1,485,585 Commercial MBS — 549,131 — 549,131 Corporate bonds — 70,017 1,750 71,767 Asset-backed securities — 562,722 — 562,722 Equity securities with readily determinable fair values 774 913 — 1,687 Mortgage loans held for sale — 105,433 — 105,433 Deferred compensation plan assets 9,584 — — 9,584 Servicing rights for SBA/USDA loans — — 6,462 6,462 Residential mortgage servicing rights — — 16,216 16,216 Derivative financial instruments — 75,887 10,779 86,666 Total assets $ 138,430 $ 3,277,132 $ 35,207 $ 3,450,769 Liabilities: Deferred compensation plan liability $ 9,590 $ — $ — $ 9,590 Derivative financial instruments — 26,595 2,408 29,003 Total liabilities $ 9,590 $ 26,595 $ 2,408 $ 38,593 |
Schedule of assets measured at fair value on a recurring basis using significant unobservable inputs | The following table shows a reconciliation of the beginning and ending balances for all other assets measured at fair value on a recurring basis using significant unobservable inputs that are classified as Level 3 values (in thousands) : Derivative Derivative Corporate Bonds December 31, 2018 $ 11,841 $ 15,732 $ 995 Sales and settlements (1,135) (2,330) — Fair value adjustments included in OCI — — 3 Fair value adjustments included in earnings (3,468) (4,843) — December 31, 2019 7,238 8,559 998 Transfers into Level 3 (1) 583 — — Additions 368 — 1,750 Sales and settlements — — (1,000) Fair value adjustments included in OCI — — 2 Fair value adjustments included in earnings 2,590 (6,151) — December 31, 2020 10,779 2,408 1,750 Transfers into Level 3 (1) 74 — — Additions 261 170 500 Fair value adjustments included in OCI — — 145 Fair value adjustments included in earnings (4,356) 2,470 — December 31, 2021 $ 6,758 $ 5,048 $ 2,395 |
Schedule of liabilities measured at fair value on a recurring basis using significant unobservable inputs | The following table shows a reconciliation of the beginning and ending balances for all other assets measured at fair value on a recurring basis using significant unobservable inputs that are classified as Level 3 values (in thousands) : Derivative Derivative Corporate Bonds December 31, 2018 $ 11,841 $ 15,732 $ 995 Sales and settlements (1,135) (2,330) — Fair value adjustments included in OCI — — 3 Fair value adjustments included in earnings (3,468) (4,843) — December 31, 2019 7,238 8,559 998 Transfers into Level 3 (1) 583 — — Additions 368 — 1,750 Sales and settlements — — (1,000) Fair value adjustments included in OCI — — 2 Fair value adjustments included in earnings 2,590 (6,151) — December 31, 2020 10,779 2,408 1,750 Transfers into Level 3 (1) 74 — — Additions 261 170 500 Fair value adjustments included in OCI — — 145 Fair value adjustments included in earnings (4,356) 2,470 — December 31, 2021 $ 6,758 $ 5,048 $ 2,395 |
Schedule of quantitative information about Level 3 fair value measurements for fair value on a recurring basis | The following table presents quantitative information about recurring Level 3 fair value measurements, excluding servicing rights which are detailed in Note 10 (in thousands) : Level 3 Assets and Liabilities Valuation Technique December 31, Significant Unobservable Inputs 2021 2020 Range Weighted Average Range Weighted Average Derivative assets - mortgage Internal model Pull through rate 45.9% - 100% 87.2% 65.6% - 100% 83.9% Derivative assets - customer derivative positions Internal model Estimated loss rate 33.4 - 44.0 36.0 100 - 100 100 Derivative assets & liabilities - other Dealer priced Dealer priced N/A N/A N/A N/A Corporate bonds Indicative bid provided by a broker Multiple factors, including but not limited to, current operations, financial condition, cash flows, and similar financing transactions executed in the market N/A N/A Discounted cash flow Discount rate 3.6 - 3.8 3.6 |
Schedule of loans held for sale at fair value under the fair value option | The following tables present the fair value and outstanding principal balance of these loans, as well as the gain or loss recognized resulting from the change in fair value for the periods indicated (in thousands) . Mortgage Loans Held for Sale December 31, 2021 2020 Outstanding principal balance $ 42,581 $ 99,746 Fair value 44,109 105,433 Amount of Gain (Loss) Recognized on Location 2021 2020 2019 Mortgage loan gains and other related fees $ (4,159) $ 3,815 $ 1,177 |
Schedule of presentation of assets measured at fair value on nonrecurring basis | The following table presents the fair value hierarchy and carrying value of all assets that were still held as of December 31, 2021 and 2020, for which a nonrecurring fair value adjustment was recorded during the periods presented (in thousands) . December 31, 2021 Level 1 Level 2 Level 3 Total Loans $ — $ — $ 2,536 $ 2,536 December 31, 2020 Loans $ — $ — $ 29,404 $ 29,404 |
Schedule of carrying amount and fair values for other financial instruments that are not measured at fair value on a recurring basis | The carrying amount and fair values for other financial instruments that are not measured at fair value on a recurring basis in United’s consolidated balance sheets are as follows (in thousands) : Carrying Amount Fair Value Level December 31, 2021 Level 1 Level 2 Level 3 Total Assets: HTM debt securities $ 1,156,098 $ — $ 1,148,804 $ — $ 1,148,804 Loans, net 11,657,814 — — 11,607,821 11,607,821 Liabilities: Deposits 18,241,179 — 18,239,934 — 18,239,934 Long-term debt 247,360 — — 267,064 267,064 December 31, 2020 Assets: HTM debt securities $ 420,361 $ — $ 437,193 $ — $ 437,193 Loans, net 11,233,805 — — 11,209,717 11,209,717 Liabilities: Deposits 15,232,358 — 15,232,274 — 15,232,274 Long-term debt 326,956 — — 336,763 336,763 |
Equity Compensation Plans (Tabl
Equity Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of restricted stock units and options outstanding and activity | Restricted stock units and options outstanding and activity for the years ended December 31 consisted of the following: Restricted Stock Units Options Shares Weighted Average Grant Date Fair Value Aggregate Shares Weighted Average Exercise Price Weighted Average Remaining Term (Yrs.) Aggregate Intrinsic Value (000’s) December 31, 2018 759,746 $ 27.66 47,139 $ 27.07 Granted 315,827 26.74 — — Vested / Exercised (216,138) 25.38 (13,000) 16.34 Expired — (30,243) 31.43 Cancelled (51,011) 27.18 (2,396) 29.68 December 31, 2019 808,424 27.94 1,500 27.95 Granted 446,512 19.15 — — Vested / Exercised (324,697) 26.42 — — Expired — (1,500) 27.95 Cancelled (36,808) 25.73 — — December 31, 2020 893,431 23.75 — — Granted 302,701 30.34 62,743 8.30 Vested / Exercised (330,598) 26.13 $ 10,855 (27,283) 8.20 $ 765 Cancelled (57,060) 25.15 — — December 31, 2021 808,474 25.15 29,057 35,460 8.38 2.01 977 Vested / Exercisable at December 31, 2021 — — 35,460 8.38 2.01 977 |
Reclassifications Out of AOCI (
Reclassifications Out of AOCI (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of details regarding amounts reclassified out of AOCI | The following presents the details regarding amounts reclassified out of AOCI (in thousands). Amounts Reclassified from AOCI For the Years Ended December 31, Details about AOCI Components Affected Line Item in the Statement Where Net Income is Presented 2021 2020 2019 Realized gains (losses) on AFS securities: $ 83 $ 748 $ (1,021) Securities gains (losses), net 46 (191) 247 Income tax (expense) benefit $ 129 $ 557 $ (774) Net of tax Amortization of losses included in net income on AFS securities transferred to HTM: $ — $ (723) $ (383) Investment securities interest revenue — 173 92 Income tax benefit $ — $ (550) $ (291) Net of tax Reclassifications related to derivative financial instruments accounted for as cash flow hedges: Amortization of losses on de-designated positions $ — $ — $ (235) Other expense Amortization of losses on de-designated positions — — (102) Deposit interest expense Interest rate contracts (608) (359) — Long-term debt interest expense (608) (359) (337) Total before tax 156 91 86 Income tax benefit $ (452) $ (268) $ (251) Net of tax Reclassifications related to defined benefit pension plan activity: Prior service cost $ (469) $ (531) $ (640) Salaries and employee benefits expense Actuarial losses (575) (326) (59) Other expense Termination of Funded Plan — — (1,558) Merger-related and other (1,044) (857) (2,257) Total before tax 267 219 576 Income tax benefit $ (777) $ (638) $ (1,681) Net of tax Total reclassifications for the period $ (1,100) $ (899) $ (2,997) Net of tax Amounts shown above in parentheses reduce earnings |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted net income per common share | The following table sets forth the computation of basic and diluted net income per common share for the years indicated (in thousands, except per share data) : Year Ended December 31, 2021 2020 2019 Net income $ 269,801 $ 164,089 $ 185,721 Earnings allocated to participating securities (1,657) (1,287) (1,375) Dividends on preferred stock (6,875) (3,533) — Net income available to common stockholders $ 261,269 $ 159,269 $ 184,346 Net income per common share: Basic $ 2.97 $ 1.91 $ 2.31 Diluted 2.97 1.91 2.31 Weighted average common shares: Basic 87,940 83,184 79,700 Effect of dilutive securities: Stock options 9 — 1 Restricted stock units 148 64 7 Diluted 88,097 83,248 79,708 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax expense | Income tax expense is as follows for the years indicated (in thousands) : Year Ended December 31, 2021 2020 2019 Current $ 57,175 $ 42,688 $ 38,082 Deferred 20,787 2,668 14,909 Total income tax expense $ 77,962 $ 45,356 $ 52,991 |
Schedule of differences between the provision for income taxes and statutory federal income tax rate | The differences between the provision for income taxes and the amount computed by applying the statutory federal income tax rate of 21% in 2021, 2020 and 2019 to income before income taxes are as follows for the years indicated (in thousands) : Year Ended December 31, 2021 2020 2019 Income tax expense on pretax income at statutory rates $ 73,030 $ 43,983 $ 50,130 Add (deduct): State taxes, net of federal benefit 9,188 5,928 7,168 BOLI earnings (745) (1,052) (1,127) Adjustment to reserve for uncertain tax positions 153 (1,212) 84 Tax-exempt interest revenue (2,520) (2,169) (1,827) Equity compensation (891) (174) (375) Transaction costs 117 217 16 Tax credit investments (598) (930) (464) Other 228 765 (614) Total income tax expense $ 77,962 $ 45,356 $ 52,991 |
Schedule of summarizes the sources and expected tax consequences of future taxable deductions (revenue) | The following summarizes the sources and expected tax consequences of future taxable deductions (revenue) which comprise the net DTA as of the dates indicated (in thousands) : December 31, 2021 2020 DTAs: ACL $ 24,349 $ 33,213 Net operating loss carryforwards 16,656 22,277 Deferred compensation 11,011 10,012 Loan purchase accounting adjustments 4,227 8,567 Nonqualified share based compensation 1,374 1,833 Accrued expenses 7,936 6,865 Unamortized pension actuarial losses and prior service cost 1,442 1,981 Unrealized losses on AFS securities 5,808 — Deferred gains on SBA/USDA loan sales 2,217 2,060 Lease liability 7,501 8,055 Other 1,107 2,062 Total DTAs 83,628 96,925 DTLs: Unrealized gains on AFS securities — 17,439 Unrealized gains on cash flow hedges 1,189 54 Acquired intangible assets 2,412 2,576 Premises and equipment 5,179 4,241 Loan origination costs 6,466 4,857 True tax leases 5,984 7,846 Servicing assets 6,779 4,816 Derivatives 1,309 2,250 ROU asset 7,102 7,642 Securities purchase accounting adjustments 2,644 3,146 Uncertain tax positions 1,945 1,813 Other 386 230 Total DTLs 41,395 56,910 Less valuation allowance 911 1,604 Net DTA $ 41,322 $ 38,411 |
Schedule of reconciliation of the beginning and ending unrecognized tax benefit related to uncertain tax positions | A reconciliation of the beginning and ending unrecognized tax benefit related to uncertain tax positions is as follows for the years indicated (in thousands) : 2021 2020 2019 Balance at beginning of year $ 2,163 $ 3,370 $ 3,264 Additions based on tax positions related to the current year 634 421 481 Decreases resulting from a lapse in the applicable statute of limitations (441) (1,628) (375) Balance at end of year $ 2,356 $ 2,163 $ 3,370 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of weighted-average assumptions used to determine pension benefit obligations | Weighted-average assumptions used to determine the pension benefit obligation of the Modified Retirement Plan at year end and net periodic pension cost are shown in the table below: 2021 2020 Discount rate for disclosures 2.90 % 2.55 % Discount rate for net periodic benefit cost 2.55 % 3.25 % Measurement date 12/31/2021 12/31/2020 |
Schedule of changes in obligations and plan assets | United recognizes the unfunded status of the Modified Retirement Plan as a liability in the consolidated balance sheets. Information about changes in obligations and plan assets follows (in thousands) : Modified Retirement Plan 2021 2020 Accumulated benefit obligation: Accumulated benefit obligation - beginning of year $ 27,099 $ 25,105 Service cost 659 588 Interest cost 676 795 Actuarial (gains) losses (1,066) 1,804 Benefits paid (1,107) (1,193) Accumulated benefit obligation - end of year 26,261 27,099 Change in plan assets, at fair value: Beginning plan assets — — Employer contribution 1,107 1,193 Benefits paid (1,107) (1,193) Plan assets - end of year — — Funded status - end of year (plan assets less benefit obligations) $ (26,261) $ (27,099) |
Schedule of components of net periodic benefit cost and other amounts recognized in other comprehensive income | Components of net periodic benefit cost and other amounts recognized in other comprehensive income are as follows (in thousands): 2021 2020 2019 Modified Modified Modified Funded Service cost $ 659 $ 588 $ 392 $ — Interest cost 676 795 931 166 Expected return on plan assets — — — (106) Amortization of prior service cost 469 531 635 — Amortization of net actuarial losses 576 326 59 — Net periodic benefit cost $ 2,380 $ 2,240 $ 2,017 $ 60 |
Schedule of estimated future benefit payments expected to be paid | The following table summarizes the estimated future benefit payments expected to be paid from the Modified Retirement Plan for the periods indicated (in thousands) . 2022 $ 1,191 2023 1,185 2024 1,179 2025 1,192 2026 1,213 2027-2031 8,276 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |
Schedule of minimum amounts required for capital adequacy purposes | Regulatory capital ratios at December 31, 2021 and 2020, along with the minimum amounts required for capital adequacy purposes and to be well-capitalized under prompt corrective action provisions in effect at such times are presented below for United and the Bank (dollars in thousands) : Basel III Guidelines United Community Banks, Inc. United Community Bank Minimum (1) Well 2021 2020 2021 2020 Risk-based ratios: CET1 capital 4.5 % 6.5 % 12.46 % 12.31 % 12.87 % 13.31 % Tier 1 capital 6.0 8.0 13.17 13.10 12.87 13.31 Total capital 8.0 10.0 14.65 15.15 13.46 14.28 Tier 1 leverage ratio 4.0 5.0 8.75 9.28 8.53 9.42 CET1 capital $ 1,688,176 $ 1,506,750 $ 1,738,557 $ 1,625,292 Tier 1 capital 1,784,598 1,603,172 1,738,557 1,625,292 Total capital 1,984,376 1,854,368 1,818,335 1,743,045 RWAs 13,548,534 12,240,440 13,512,405 12,207,940 Average total assets 20,402,842 17,276,853 20,377,319 17,246,878 (1) As of December 31, 2021 and 2020, the additional capital conservation buffer in effect was 2.50%. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of the contract amount of off-balance sheet instruments | The following table summarizes, as of the dates indicated, the contract amount of off-balance sheet instruments (in thousands) : December 31, 2021 2020 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 3,591,975 $ 3,052,657 Letters of credit 29,312 31,748 |
Condensed Financial Statement_2
Condensed Financial Statements of United Community Banks, Inc. (Holding Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of condensed balance sheets | Balance Sheets As of December 31, 2021 and 2020 (in thousands) 2021 2020 Assets Cash and cash equivalents $ 298,316 $ 289,243 Investment in Bank 2,150,683 2,028,965 Investment in other subsidiaries 23,194 752 Other assets 46,432 34,661 Total assets $ 2,518,625 $ 2,353,621 Liabilities and Shareholders’ Equity Long-term debt $ 247,360 $ 311,956 Other liabilities 49,020 34,135 Total liabilities 296,380 346,091 Shareholders’ equity 2,222,245 2,007,530 Total liabilities and shareholders’ equity $ 2,518,625 $ 2,353,621 |
Schedule of condensed statements of income | Statements of Income For the Years Ended December 31, 2021, 2020 and 2019 (in thousands) 2021 2020 2019 Dividends from Bank $ 217,000 $ 150,000 $ — Dividends from other subsidiaries — — 4,651 Shared service fees from subsidiaries 12,402 13,020 14,721 Other 3,167 1,436 1,468 Total income 232,569 164,456 20,840 Interest expense 14,324 13,994 11,573 Other expense 16,417 16,473 18,965 Total expenses 30,741 30,467 30,538 Income tax benefit 6,908 2,681 8,711 Income (loss) before equity in undistributed earnings of subsidiaries 208,736 136,670 (987) Equity in undistributed earnings of subsidiaries 61,065 27,419 186,708 Net income $ 269,801 $ 164,089 $ 185,721 |
Schedule of condensed statements of cash flows | Statements of Cash Flows For the Years Ended December 31, 2021, 2020 and 2019 (in thousands) 2021 2020 2019 Operating activities: Net income $ 269,801 $ 164,089 $ 185,721 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of the subsidiaries (61,065) (27,419) (186,708) Stock-based compensation 6,554 7,887 9,360 Change in assets and liabilities: Other assets (7,800) (3,662) (3,022) Other liabilities 6,353 5,261 2,080 Net cash provided by operating activities 213,843 146,156 7,431 Investing activities: Net cash (paid) received for acquisition (47,785) 3,397 (52,093) Purchases of premises and equipment (30) — — Purchases of debt securities available-for-sale and equity securities (1,500) (2,750) (3,000) Proceeds from sales and maturities of debt securities available-for-sale and equity securities 1,253 — 83 Proceeds from sale of premises and equipment 728 — — Other investing inflows 132 — — Other investing outflows (600) — — Net cash (used in) provided by investing activities (47,802) 647 (55,010) Financing activities: Repayment of long-term debt (65,632) — (250) Proceeds from issuance of long-term debt, net of issuance costs — 98,552 — Proceeds from issuance of preferred stock, net of issuance costs — 96,422 — Cash paid for shares withheld to cover payroll taxes related to equity instruments (3,182) (3,119) (1,686) Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans 506 1,317 2,193 Proceeds from exercise of stock options and warrants 231 — 212 Repurchase of common stock (15,101) (20,782) (13,020) Cash dividends on preferred stock (6,876) (3,533) — Cash dividends on common stock (66,914) (58,912) (53,044) Net cash (used in) provided by financing activities (156,968) 109,945 (65,595) Net change in cash 9,073 256,748 (113,174) Cash at beginning of year 289,243 32,495 145,669 Cash at end of year $ 298,316 $ 289,243 $ 32,495 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($)segment | |
Accounting Policies [Line Items] | |
Number of operating segments | 1 |
Number of reportable segments | 1 |
Investment in FHLB stock | $ | $ 9,230 |
Buildings and improvements | Minimum | |
Accounting Policies [Line Items] | |
Estimated useful life (in years) | 10 years |
Buildings and improvements | Maximum | |
Accounting Policies [Line Items] | |
Estimated useful life (in years) | 40 years |
Land improvements | |
Accounting Policies [Line Items] | |
Estimated useful life (in years) | 10 years |
Furniture and equipment | Minimum | |
Accounting Policies [Line Items] | |
Estimated useful life (in years) | 3 years |
Furniture and equipment | Maximum | |
Accounting Policies [Line Items] | |
Estimated useful life (in years) | 10 years |
Loan portfolio | Credit concentration risk | Real estate valuation changes | |
Accounting Policies [Line Items] | |
Concentration risk, percentage | 73.00% |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) | Oct. 01, 2021USD ($)shares | Jul. 06, 2021USD ($)shares | Jul. 01, 2020USD ($)bank_branchshares | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 367,809,000 | $ 452,007,000 | $ 367,809,000 | $ 327,425,000 | |||
Merger-related and other charges | 13,970,000 | 7,018,000 | 6,907,000 | ||||
FinTrust | |||||||
Business Acquisition [Line Items] | |||||||
Total consideration | $ 21,700,000 | ||||||
Common stock issued in acquisition | $ 4,400,000 | ||||||
Shares issued in acquisition (in shares) | shares | 132,299 | ||||||
Cash consideration | $ 9,620,000 | ||||||
Payable due | 4,400,000 | ||||||
Contingent consideration | 3,300,000 | ||||||
Assets acquired | 22,800,000 | ||||||
Liabilities assumed | 1,100,000 | ||||||
Goodwill | 14,200,000 | ||||||
Right-of-use assets recognized | 822,000 | ||||||
Operating lease liabilities recognized | 822,000 | ||||||
FinTrust | Merger-related costs | |||||||
Business Acquisition [Line Items] | |||||||
Merger-related and other charges | 518,000 | ||||||
FinTrust | Customer relationship intangible | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | $ 7,530,000 | ||||||
Expected useful life of acquired intangible (in years) | 15 years | ||||||
Aquesta | |||||||
Business Acquisition [Line Items] | |||||||
Total consideration | $ 131,666,000 | ||||||
Common stock issued in acquisition | $ 89,646,000 | ||||||
Shares issued in acquisition (in shares) | shares | 2,731,435 | ||||||
Cash consideration | $ 40,542,000 | ||||||
Assets acquired | 755,948,000 | ||||||
Liabilities assumed | 694,317,000 | ||||||
Goodwill | 70,035,000 | ||||||
Intangible assets acquired | 2,030,000 | ||||||
Goodwill expected to be tax deductible | $ 0 | ||||||
Aquesta | Merger-related costs | |||||||
Business Acquisition [Line Items] | |||||||
Merger-related and other charges | $ 9,000,000 | ||||||
Aquesta | Core deposit intangible | |||||||
Business Acquisition [Line Items] | |||||||
Expected useful life of acquired intangible (in years) | 10 years | ||||||
Three Shores | |||||||
Business Acquisition [Line Items] | |||||||
Total consideration | $ 187,697,000 | ||||||
Common stock issued in acquisition | $ 163,589,000 | ||||||
Shares issued in acquisition (in shares) | shares | 8,130,633 | ||||||
Cash consideration | $ 24,108,000 | ||||||
Assets acquired | 2,134,339,000 | ||||||
Liabilities assumed | 1,987,026,000 | ||||||
Goodwill | 40,384,000 | ||||||
Intangible assets acquired | 3,360,000 | ||||||
Goodwill expected to be tax deductible | $ 0 | ||||||
Number of banking offices | bank_branch | 14 | ||||||
Measurement period adjustment increase to cash and cash equivalents | 1,090,000 | ||||||
Measurement period adjustment increase to accrued interest receivable | 116,000 | ||||||
Goodwill adjustment increase (decrease) | $ (1,210,000) | ||||||
Three Shores | Merger-related costs | |||||||
Business Acquisition [Line Items] | |||||||
Merger-related and other charges | $ 5,040,000 | ||||||
Three Shores | Core deposit intangible | |||||||
Business Acquisition [Line Items] | |||||||
Expected useful life of acquired intangible (in years) | 10 years | ||||||
FMBT | Merger-related costs | |||||||
Business Acquisition [Line Items] | |||||||
Merger-related and other charges | $ 2,020,000 |
Acquisitions - Acquisition date
Acquisitions - Acquisition date fair value of purchased assets and assumed liabilities and supplementary information (Details) - USD ($) $ in Thousands | Oct. 01, 2021 | Jul. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Consideration transferred | |||||
Goodwill | $ 452,007 | $ 367,809 | $ 327,425 | ||
Aquesta | |||||
Assets | |||||
Cash and cash equivalents | $ 153,091 | ||||
Debt securities | 60,762 | ||||
Loans | 498,312 | ||||
Premises and equipment | 18,112 | ||||
BOLI | 12,540 | ||||
Accrued interest receivable | 1,419 | ||||
Net deferred tax asset | 2,129 | ||||
Core deposit intangible | 2,030 | ||||
Other assets | 7,553 | ||||
Total assets acquired | 755,948 | ||||
Liabilities | |||||
Deposits | 657,724 | ||||
FHLB advances and long-term debt | 24,509 | ||||
Other liabilities | 12,084 | ||||
Total liabilities assumed | 694,317 | ||||
Total identifiable net assets | 61,631 | ||||
Consideration transferred | |||||
Cash | 40,542 | ||||
Common stock issued | $ 89,646 | ||||
Common stock issued (in shares) | 2,731,435 | ||||
Option and warrant equity instruments converted | $ 1,478 | ||||
Total fair value of consideration transferred | 131,666 | ||||
Goodwill | 70,035 | ||||
PCD loans: | |||||
Purchase price | 71,343 | ||||
Non-PCD loans: | |||||
Fair value | 426,969 | ||||
Gross contractual amounts receivable | 482,737 | ||||
Estimate of contractual cash flows not expected to be collected | 3,399 | ||||
Aquesta | Purchase loans | |||||
PCD loans: | |||||
Par Value | 75,579 | ||||
ACL at acquisition | (3,544) | ||||
Non-credit discount | $ (692) | ||||
Three Shores | |||||
Assets | |||||
Cash and cash equivalents | $ 219,807 | ||||
Debt securities | 381,740 | ||||
Loans | 1,427,966 | ||||
Premises and equipment | 1,584 | ||||
Accrued interest receivable | 7,681 | ||||
Derivative assets | 11,800 | ||||
Net deferred tax asset | 15,061 | ||||
Core deposit intangible | 3,360 | ||||
Other assets | 65,340 | ||||
Total assets acquired | 2,134,339 | ||||
Liabilities | |||||
Deposits | 1,802,694 | ||||
FHLB advances and long-term debt | 144,121 | ||||
Derivative liabilities | 12,165 | ||||
Other liabilities | 28,046 | ||||
Total liabilities assumed | 1,987,026 | ||||
Total identifiable net assets | 147,313 | ||||
Consideration transferred | |||||
Cash | 24,108 | ||||
Common stock issued | $ 163,589 | ||||
Common stock issued (in shares) | 8,130,633 | ||||
Total fair value of consideration transferred | $ 187,697 | ||||
Goodwill | 40,384 | ||||
Non-PCD loans: | |||||
Fair value | 1,164,675 | ||||
Gross contractual amounts receivable | 1,358,793 | ||||
Estimate of contractual cash flows not expected to be collected | 76,503 | ||||
Three Shores | Purchase loans | |||||
PCD loans: | |||||
Par Value | 283,137 | ||||
ACL at acquisition | (11,152) | ||||
Non-credit discount | (8,694) | ||||
Purchase price | $ 263,291 |
Acquisitions - Pro forma inform
Acquisitions - Pro forma information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | |||
Supplemental consolidated pro forma revenue | $ 771,289 | $ 622,848 | $ 636,079 |
Supplemental consolidated pro forma net income | 279,568 | 164,284 | 210,232 |
Aquesta | |||
Business Acquisition [Line Items] | |||
Actual revenue included since acquisition date | 2,122 | ||
Actual net income included since acquisition date | (282) | ||
FinTrust | |||
Business Acquisition [Line Items] | |||
Actual revenue included since acquisition date | 4,326 | ||
Actual net income included since acquisition date | $ (26) | ||
Three Shores | |||
Business Acquisition [Line Items] | |||
Actual revenue included since acquisition date | 24,541 | ||
Actual net income included since acquisition date | $ 6,800 | ||
FMBT | |||
Business Acquisition [Line Items] | |||
Actual revenue included since acquisition date | 7,525 | ||
Actual net income included since acquisition date | $ 4,053 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid during the period for: | |||
Interest | $ 32,000 | $ 59,967 | $ 85,973 |
Income taxes paid | 55,754 | 36,536 | 33,776 |
Transferred to foreclosed property | 1,849 | 822 | 1,173 |
Unsettled sales of government guaranteed loans | 0 | 0 | 8,194 |
Assets acquired, fair value | 848,806 | 2,174,723 | 264,937 |
Liabilities assumed, fair value | 695,420 | 1,987,026 | 212,844 |
Net assets acquired | 153,386 | 187,697 | 52,093 |
Common stock issued for acquisitions | 95,525 | 163,589 | |
Other non-cash consideration | 9,178 | 0 | 0 |
Common Stock | |||
Cash paid during the period for: | |||
Common stock issued for acquisitions | $ 94,046 | $ 163,589 | $ 0 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | Dec. 31, 2021USD ($)security | Dec. 31, 2020USD ($) |
Investments, Debt and Equity Securities [Abstract] | ||
Carrying value of securities pledged to secure public deposits, derivatives and other secured borrowings | $ 1,460,000,000 | $ 1,110,000,000 |
Number of AFS debt securities in unrealized loss position | security | 408 | |
Number of HTM debt securities in unrealized loss position | security | 94 | |
Allowance for credit losses, HTM portfolio | $ 0 | 0 |
Allowance for credit losses, AFS portfolio | $ 0 | $ 0 |
Investment Securities - Cost ba
Investment Securities - Cost basis, unrealized gains and losses, and fair value of debt securities HTM (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
HTM debt securities: | ||
Amortized Cost | $ 1,156,098 | $ 420,361 |
Gross Unrealized Gains | 10,509 | 17,332 |
Gross Unrealized Losses | 17,803 | 500 |
Fair Value | 1,148,804 | 437,193 |
U.S. Treasuries | ||
HTM debt securities: | ||
Amortized Cost | 19,803 | |
Gross Unrealized Gains | 20 | |
Gross Unrealized Losses | 0 | |
Fair Value | 19,823 | |
U.S. Government agencies & GSEs | ||
HTM debt securities: | ||
Amortized Cost | 70,180 | 10,575 |
Gross Unrealized Gains | 0 | 26 |
Gross Unrealized Losses | 1,121 | 11 |
Fair Value | 69,059 | 10,590 |
State and political subdivisions | ||
HTM debt securities: | ||
Amortized Cost | 257,688 | 197,723 |
Gross Unrealized Gains | 4,341 | 7,658 |
Gross Unrealized Losses | 4,080 | 242 |
Fair Value | 257,949 | 205,139 |
Residential MBS, Agency & GSE | ||
HTM debt securities: | ||
Amortized Cost | 381,641 | 113,400 |
Gross Unrealized Gains | 2,021 | 4,774 |
Gross Unrealized Losses | 3,687 | 1 |
Fair Value | 379,975 | 118,173 |
Commercial MBS, Agency & GSE | ||
HTM debt securities: | ||
Amortized Cost | 411,786 | 98,663 |
Gross Unrealized Gains | 4,106 | 4,874 |
Gross Unrealized Losses | 8,915 | 246 |
Fair Value | 406,977 | $ 103,291 |
Supranational entities | ||
HTM debt securities: | ||
Amortized Cost | 15,000 | |
Gross Unrealized Gains | 21 | |
Gross Unrealized Losses | 0 | |
Fair Value | $ 15,021 |
Investment Securities - Cost _2
Investment Securities - Cost basis, unrealized gains and losses, and fair value of AFS debt securities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
AFS debt securities: | ||
Amortized Cost | $ 4,516,529 | $ 3,152,111 |
Gross Unrealized Gains | 36,593 | 75,108 |
Gross Unrealized Losses | 56,298 | 2,498 |
Fair Value | 4,496,824 | 3,224,721 |
U.S. Treasuries | ||
AFS debt securities: | ||
Amortized Cost | 218,027 | 123,677 |
Gross Unrealized Gains | 1,661 | 4,395 |
Gross Unrealized Losses | 2,168 | 0 |
Fair Value | 217,520 | 128,072 |
U.S. Government agencies & GSEs | ||
AFS debt securities: | ||
Amortized Cost | 189,855 | 152,596 |
Gross Unrealized Gains | 605 | 701 |
Gross Unrealized Losses | 3,428 | 325 |
Fair Value | 187,032 | 152,972 |
State and political subdivisions | ||
AFS debt securities: | ||
Amortized Cost | 263,269 | 253,630 |
Gross Unrealized Gains | 15,237 | 20,891 |
Gross Unrealized Losses | 2,662 | 49 |
Fair Value | 275,844 | 274,472 |
Residential MBS, Agency & GSE | ||
AFS debt securities: | ||
Amortized Cost | 2,079,700 | 1,275,551 |
Gross Unrealized Gains | 9,785 | 29,107 |
Gross Unrealized Losses | 28,521 | 766 |
Fair Value | 2,060,964 | 1,303,892 |
Residential MBS, Non-agency | ||
AFS debt securities: | ||
Amortized Cost | 81,925 | 174,322 |
Gross Unrealized Gains | 2,249 | 7,499 |
Gross Unrealized Losses | 4 | 128 |
Fair Value | 84,170 | 181,693 |
Commercial MBS, Agency & GSE | ||
AFS debt securities: | ||
Amortized Cost | 870,563 | 524,852 |
Gross Unrealized Gains | 2,974 | 8,013 |
Gross Unrealized Losses | 16,156 | 597 |
Fair Value | 857,381 | 532,268 |
Commercial MBS, Non-agency | ||
AFS debt securities: | ||
Amortized Cost | 15,202 | 15,350 |
Gross Unrealized Gains | 1,268 | 1,513 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 16,470 | 16,863 |
Corporate bonds | ||
AFS debt securities: | ||
Amortized Cost | 194,164 | 70,057 |
Gross Unrealized Gains | 814 | 1,711 |
Gross Unrealized Losses | 1,812 | 1 |
Fair Value | 193,166 | 71,767 |
Asset-backed securities | ||
AFS debt securities: | ||
Amortized Cost | 603,824 | 562,076 |
Gross Unrealized Gains | 2,000 | 1,278 |
Gross Unrealized Losses | 1,547 | 632 |
Fair Value | $ 604,277 | $ 562,722 |
Investment Securities - HTM deb
Investment Securities - HTM debt securities in unrealized loss position (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 798,967 | $ 45,502 |
Unrealized Loss, Less than 12 Months | 16,705 | 490 |
Fair Value, 12 Months or More | 23,791 | 1,352 |
Unrealized Loss, 12 Months or More | 1,098 | 10 |
Fair Value, Total | 822,758 | 46,854 |
Unrealized Loss, Total | 17,803 | 500 |
U.S. Government agencies & GSEs | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 64,658 | 4,677 |
Unrealized Loss, Less than 12 Months | 888 | 11 |
Fair Value, 12 Months or More | 4,401 | 0 |
Unrealized Loss, 12 Months or More | 233 | 0 |
Fair Value, Total | 69,059 | 4,677 |
Unrealized Loss, Total | 1,121 | 11 |
State and political subdivisions | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 131,128 | 14,870 |
Unrealized Loss, Less than 12 Months | 3,590 | 242 |
Fair Value, 12 Months or More | 9,006 | 0 |
Unrealized Loss, 12 Months or More | 490 | 0 |
Fair Value, Total | 140,134 | 14,870 |
Unrealized Loss, Total | 4,080 | 242 |
Residential MBS, Agency & GSE | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 289,132 | 999 |
Unrealized Loss, Less than 12 Months | 3,687 | 1 |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Loss, 12 Months or More | 0 | 0 |
Fair Value, Total | 289,132 | 999 |
Unrealized Loss, Total | 3,687 | 1 |
Commercial MBS, Agency & GSE | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 314,049 | 24,956 |
Unrealized Loss, Less than 12 Months | 8,540 | 236 |
Fair Value, 12 Months or More | 10,384 | 1,352 |
Unrealized Loss, 12 Months or More | 375 | 10 |
Fair Value, Total | 324,433 | 26,308 |
Unrealized Loss, Total | $ 8,915 | $ 246 |
Investment Securities - AFS deb
Investment Securities - AFS debt securities in unrealized loss position (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 2,787,798 | $ 450,517 |
Unrealized Loss, Less than 12 Months | 49,598 | 1,893 |
Fair Value, 12 Months or More | 164,323 | 54,194 |
Unrealized Loss, 12 Months or More | 6,700 | 605 |
Fair Value, Total | 2,952,121 | 504,711 |
Unrealized Loss, Total | 56,298 | 2,498 |
U.S. Treasuries | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 111,606 | |
Unrealized Loss, Less than 12 Months | 2,168 | |
Fair Value, 12 Months or More | 0 | |
Unrealized Loss, 12 Months or More | 0 | |
Fair Value, Total | 111,606 | |
Unrealized Loss, Total | 2,168 | |
U.S. Government agencies & GSEs | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 132,893 | 27,952 |
Unrealized Loss, Less than 12 Months | 2,591 | 324 |
Fair Value, 12 Months or More | 20,093 | 607 |
Unrealized Loss, 12 Months or More | 837 | 1 |
Fair Value, Total | 152,986 | 28,559 |
Unrealized Loss, Total | 3,428 | 325 |
State and political subdivisions | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 69,302 | 9,402 |
Unrealized Loss, Less than 12 Months | 2,581 | 49 |
Fair Value, 12 Months or More | 3,148 | 0 |
Unrealized Loss, 12 Months or More | 81 | 0 |
Fair Value, Total | 72,450 | 9,402 |
Unrealized Loss, Total | 2,662 | 49 |
Residential MBS, Agency & GSE | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 1,534,744 | 232,199 |
Unrealized Loss, Less than 12 Months | 25,799 | 766 |
Fair Value, 12 Months or More | 74,481 | 0 |
Unrealized Loss, 12 Months or More | 2,722 | 0 |
Fair Value, Total | 1,609,225 | 232,199 |
Unrealized Loss, Total | 28,521 | 766 |
Residential MBS, Non-agency | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 12,608 | 2,331 |
Unrealized Loss, Less than 12 Months | 4 | 128 |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Loss, 12 Months or More | 0 | 0 |
Fair Value, Total | 12,608 | 2,331 |
Unrealized Loss, Total | 4 | 128 |
Commercial MBS, Agency & GSE | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 582,235 | 89,918 |
Unrealized Loss, Less than 12 Months | 13,098 | 597 |
Fair Value, 12 Months or More | 66,014 | 0 |
Unrealized Loss, 12 Months or More | 3,058 | 0 |
Fair Value, Total | 648,249 | 89,918 |
Unrealized Loss, Total | 16,156 | 597 |
Corporate bonds | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 149,246 | 1,410 |
Unrealized Loss, Less than 12 Months | 1,811 | 1 |
Fair Value, 12 Months or More | 16 | 0 |
Unrealized Loss, 12 Months or More | 1 | 0 |
Fair Value, Total | 149,262 | 1,410 |
Unrealized Loss, Total | 1,812 | 1 |
Asset-backed securities | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 195,164 | 87,305 |
Unrealized Loss, Less than 12 Months | 1,546 | 28 |
Fair Value, 12 Months or More | 571 | 53,587 |
Unrealized Loss, 12 Months or More | 1 | 604 |
Fair Value, Total | 195,735 | 140,892 |
Unrealized Loss, Total | $ 1,547 | $ 632 |
Investment Securities - Accrued
Investment Securities - Accrued interest receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued interest receivable | ||
Accrued interest receivable | $ 42,999 | $ 47,672 |
HTM | ||
Accrued interest receivable | ||
Accrued interest receivable | 3,596 | 1,784 |
AFS | ||
Accrued interest receivable | ||
Accrued interest receivable | $ 9,868 | $ 9,114 |
Investment Securities - Securit
Investment Securities - Securities sales activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds from sales | $ 288,986 | $ 40,625 | $ 352,106 |
Gross gains on sales | 2,346 | 748 | 1,843 |
Gross losses on sales | (2,263) | 0 | (2,864) |
Net gains (losses) on sales of securities | 83 | 748 | (1,021) |
Income tax expense (benefit) attributable to sales | $ (46) | $ 191 | $ (247) |
Investment Securities - Amortiz
Investment Securities - Amortized cost and fair value of AFS and HTM debt securities by contractual maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | $ 72,726 | |
AFS, Amortized Cost, 1 to 5 years | 230,890 | |
AFS, Amortized Cost, 5 to 10 years | 394,198 | |
AFS, Amortized Cost, More than 10 years | 167,501 | |
Amortized Cost | 4,516,529 | $ 3,152,111 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 73,409 | |
AFS, Fair Value, 1 to 5 years | 232,267 | |
AFS, Fair Value, 5 to 10 years | 394,913 | |
AFS, Fair Value, More than 10 years | 172,973 | |
Fair Value | 4,496,824 | 3,224,721 |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Within 1 year | 5,200 | |
HTM, Amortized Cost, 1 to 5 years | 8,762 | |
HTM, Amortized Cost, 5 to 10 years | 104,953 | |
HTM, Amortized Cost, More than 10 years | 243,756 | |
Amortized Cost | 1,156,098 | 420,361 |
HTM, Fair Value | ||
HTM, Fair Value, Within 1 year | 5,324 | |
HTM, Fair Value, 1 to 5 years | 9,548 | |
HTM, Fair Value, 5 to 10 years | 105,206 | |
HTM, Fair Value, More than 10 years | 241,774 | |
Fair value | 1,148,804 | 437,193 |
U.S. Treasuries | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | 54,974 | |
AFS, Amortized Cost, 1 to 5 years | 74,101 | |
AFS, Amortized Cost, 5 to 10 years | 88,952 | |
Amortized Cost | 218,027 | 123,677 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 55,418 | |
AFS, Fair Value, 1 to 5 years | 74,800 | |
AFS, Fair Value, 5 to 10 years | 87,302 | |
Fair Value | 217,520 | 128,072 |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Within 1 year | 0 | |
HTM, Amortized Cost, 1 to 5 years | 0 | |
HTM, Amortized Cost, 5 to 10 years | 19,803 | |
Amortized Cost | 19,803 | |
HTM, Fair Value | ||
HTM, Fair Value, Within 1 year | 0 | |
HTM, Fair Value, 1 to 5 years | 0 | |
HTM, Fair Value, 5 to 10 years | 19,823 | |
Fair value | 19,823 | |
U.S. Government agencies & GSEs | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | 87 | |
AFS, Amortized Cost, 1 to 5 years | 22,946 | |
AFS, Amortized Cost, 5 to 10 years | 79,812 | |
AFS, Amortized Cost, More than 10 years | 87,010 | |
Amortized Cost | 189,855 | 152,596 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 87 | |
AFS, Fair Value, 1 to 5 years | 22,798 | |
AFS, Fair Value, 5 to 10 years | 77,606 | |
AFS, Fair Value, More than 10 years | 86,541 | |
Fair Value | 187,032 | 152,972 |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Within 1 year | 0 | |
HTM, Amortized Cost, 1 to 5 years | 0 | |
HTM, Amortized Cost, 5 to 10 years | 31,962 | |
HTM, Amortized Cost, More than 10 years | 38,218 | |
Amortized Cost | 70,180 | 10,575 |
HTM, Fair Value | ||
HTM, Fair Value, Within 1 year | 0 | |
HTM, Fair Value, 1 to 5 years | 0 | |
HTM, Fair Value, 5 to 10 years | 31,578 | |
HTM, Fair Value, More than 10 years | 37,481 | |
Fair value | 69,059 | 10,590 |
State and political subdivisions | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | 15,008 | |
AFS, Amortized Cost, 1 to 5 years | 33,290 | |
AFS, Amortized Cost, 5 to 10 years | 135,265 | |
AFS, Amortized Cost, More than 10 years | 79,706 | |
Amortized Cost | 263,269 | 253,630 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 15,247 | |
AFS, Fair Value, 1 to 5 years | 34,711 | |
AFS, Fair Value, 5 to 10 years | 140,348 | |
AFS, Fair Value, More than 10 years | 85,538 | |
Fair Value | 275,844 | 274,472 |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Within 1 year | 5,200 | |
HTM, Amortized Cost, 1 to 5 years | 8,762 | |
HTM, Amortized Cost, 5 to 10 years | 38,188 | |
HTM, Amortized Cost, More than 10 years | 205,538 | |
Amortized Cost | 257,688 | 197,723 |
HTM, Fair Value | ||
HTM, Fair Value, Within 1 year | 5,324 | |
HTM, Fair Value, 1 to 5 years | 9,548 | |
HTM, Fair Value, 5 to 10 years | 38,784 | |
HTM, Fair Value, More than 10 years | 204,293 | |
Fair value | 257,949 | 205,139 |
Corporate bonds | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | 2,657 | |
AFS, Amortized Cost, 1 to 5 years | 100,553 | |
AFS, Amortized Cost, 5 to 10 years | 90,169 | |
AFS, Amortized Cost, More than 10 years | 785 | |
Amortized Cost | 194,164 | 70,057 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 2,657 | |
AFS, Fair Value, 1 to 5 years | 99,958 | |
AFS, Fair Value, 5 to 10 years | 89,657 | |
AFS, Fair Value, More than 10 years | 894 | |
Fair Value | 193,166 | 71,767 |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Within 1 year | 0 | |
HTM, Amortized Cost, 1 to 5 years | 0 | |
HTM, Amortized Cost, 5 to 10 years | 0 | |
HTM, Amortized Cost, More than 10 years | 0 | |
HTM, Fair Value | ||
HTM, Fair Value, Within 1 year | 0 | |
HTM, Fair Value, 1 to 5 years | 0 | |
HTM, Fair Value, 5 to 10 years | 0 | |
HTM, Fair Value, More than 10 years | 0 | |
Supranational entities | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, 5 to 10 years | 0 | |
AFS, Fair Value | ||
AFS, Fair Value, 5 to 10 years | 0 | |
HTM, Amortized Cost | ||
HTM, Amortized Cost, 5 to 10 years | 15,000 | |
Amortized Cost | 15,000 | |
HTM, Fair Value | ||
HTM, Fair Value, 5 to 10 years | 15,021 | |
Fair value | 15,021 | |
Asset-backed securities | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Not due at single maturity | 603,824 | |
Amortized Cost | 603,824 | 562,076 |
AFS, Fair Value | ||
AFS, Fair Value, Not due at single maturity | 604,277 | |
Fair Value | 604,277 | $ 562,722 |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Not due at single maturity | 0 | |
HTM, Fair Value | ||
HTM, Fair Value, Not due at single maturity | 0 | |
Residential MBS | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Not due at single maturity | 2,161,625 | |
AFS, Fair Value | ||
AFS, Fair Value, Not due at single maturity | 2,145,134 | |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Not due at single maturity | 381,641 | |
HTM, Fair Value | ||
HTM, Fair Value, Not due at single maturity | 379,975 | |
Commercial MBS | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Not due at single maturity | 885,765 | |
AFS, Fair Value | ||
AFS, Fair Value, Not due at single maturity | 873,851 | |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Not due at single maturity | 411,786 | |
HTM, Fair Value | ||
HTM, Fair Value, Not due at single maturity | $ 406,977 |
Loans and Leases and Allowanc_3
Loans and Leases and Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable | $ 42,999 | $ 47,672 |
Net investment in leases | 37,728 | 36,802 |
TDRs | 52,400 | 61,600 |
Loans receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable | 28,500 | 35,500 |
Short-term deferrals related to COVID-19 crisis | 2,550 | 70,700 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Overdrawn deposit accounts | $ 1,010 | $ 2,180 |
Loans and Leases and Allowanc_4
Loans and Leases and Allowance for Credit Losses - Major classifications of loan and lease portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Classifications of loans | ||||
Total loans | $ 11,760,346 | $ 11,370,815 | ||
Less ACL - loans | (102,532) | (137,010) | $ (62,089) | $ (61,203) |
Loans and leases, net | 11,657,814 | 11,233,805 | ||
Loans receivable | ||||
Classifications of loans | ||||
Total loans | 11,760,346 | 11,370,815 | ||
Loans receivable | Commercial | ||||
Classifications of loans | ||||
Total loans | 8,930,556 | 8,960,888 | ||
Loans receivable | Commercial | Owner occupied commercial real estate | ||||
Classifications of loans | ||||
Total loans | 2,321,685 | 2,090,443 | ||
Less ACL - loans | (14,282) | (20,673) | (11,404) | (12,207) |
Loans receivable | Commercial | Income producing commercial real estate | ||||
Classifications of loans | ||||
Total loans | 2,600,858 | 2,540,750 | ||
Less ACL - loans | (24,156) | (41,737) | (12,306) | (11,073) |
Loans receivable | Commercial | Commercial & industrial | ||||
Classifications of loans | ||||
Total loans | 1,910,162 | 2,498,560 | ||
Less ACL - loans | (16,592) | (22,019) | (5,266) | (4,802) |
Loans receivable | Commercial | PPP loans included in commercial & industrial | ||||
Classifications of loans | ||||
Total loans | 88,300 | 646,000 | ||
Loans receivable | Commercial | Construction | ||||
Classifications of loans | ||||
Total loans | 1,014,830 | 967,305 | ||
Less ACL - loans | (9,956) | (10,952) | (9,668) | (10,337) |
Loans receivable | Commercial | Equipment financing | ||||
Classifications of loans | ||||
Total loans | 1,083,021 | 863,830 | ||
Less ACL - loans | (16,290) | (16,820) | (7,384) | (5,452) |
Loans receivable | Residential | Residential mortgage | ||||
Classifications of loans | ||||
Total loans | 1,637,885 | 1,284,920 | ||
Less ACL - loans | (12,390) | (15,341) | (8,081) | (8,295) |
Loans receivable | Residential | HELOC | ||||
Classifications of loans | ||||
Total loans | 694,034 | 697,117 | ||
Less ACL - loans | (6,568) | (8,417) | (4,575) | (4,752) |
Loans receivable | Residential | Construction | ||||
Classifications of loans | ||||
Total loans | 359,815 | 281,430 | ||
Less ACL - loans | (1,847) | (764) | (2,504) | (2,433) |
Loans receivable | Consumer | ||||
Classifications of loans | ||||
Total loans | 138,056 | 146,460 | ||
Less ACL - loans | $ (451) | $ (287) | $ (901) | $ (853) |
Loans and Leases and Allowanc_5
Loans and Leases and Allowance for Credit Losses - Loans Sold (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans sold | $ 150,000 | $ 75,403 | $ 214,899 |
Guaranteed portion of SBA/USDA loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans sold | 90,903 | 48,385 | 81,158 |
Equipment financing | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans sold | 59,097 | 27,018 | 30,952 |
Indirect auto loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans sold | $ 0 | $ 0 | $ 102,789 |
Loans and Leases and Allowanc_6
Loans and Leases and Allowance for Credit Losses - Components of net investment in leases (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Net Investment in Leases | ||
Minimum future lease payments receivable | $ 39,962 | $ 38,934 |
Estimated residual value of leased equipment | 3,216 | 3,263 |
Initial direct costs | 669 | 672 |
Security deposits | (687) | (727) |
Purchase accounting premium | 0 | 117 |
Unearned income | (5,432) | (5,457) |
Net investment in leases | $ 37,728 | $ 36,802 |
Loans and Leases and Allowanc_7
Loans and Leases and Allowance for Credit Losses - Minimum future lease payments expected to be received from equipment financing lease contracts (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Minimum future lease payments expected to be received | |
2022 | $ 15,667 |
2023 | 11,601 |
2024 | 7,100 |
2025 | 4,136 |
2026 | 1,369 |
Thereafter | 89 |
Total | $ 39,962 |
Loans and Leases and Allowanc_8
Loans and Leases and Allowance for Credit Losses - Loans by aging category and accrual status (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 11,760,346 | $ 11,370,815 |
Loans receivable | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 11,760,346 | 11,370,815 |
Nonaccrual Loans | 32,812 | 61,599 |
Loans receivable | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 11,720,062 | 11,288,847 |
Loans receivable | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 5,750 | 15,744 |
Loans receivable | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,722 | 4,625 |
Loans receivable | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 8,930,556 | 8,960,888 |
Nonaccrual Loans | 17,815 | 45,515 |
Loans receivable | Commercial | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 8,909,189 | 8,905,003 |
Loans receivable | Commercial | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,172 | 7,459 |
Loans receivable | Commercial | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,380 | 2,911 |
Loans receivable | Commercial | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Commercial | Owner occupied commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,321,685 | 2,090,443 |
Nonaccrual Loans | 2,714 | 8,582 |
Loans receivable | Commercial | Owner occupied commercial real estate | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,318,944 | 2,079,845 |
Loans receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 27 | 2,013 |
Loans receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 3 |
Loans receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Commercial | Income producing commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,600,858 | 2,540,750 |
Nonaccrual Loans | 7,588 | 15,149 |
Loans receivable | Commercial | Income producing commercial real estate | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,593,124 | 2,522,743 |
Loans receivable | Commercial | Income producing commercial real estate | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 146 | 1,608 |
Loans receivable | Commercial | Income producing commercial real estate | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 1,250 |
Loans receivable | Commercial | Income producing commercial real estate | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Commercial | Commercial & industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,910,162 | 2,498,560 |
Nonaccrual Loans | 5,429 | 16,634 |
Loans receivable | Commercial | Commercial & industrial | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,903,730 | 2,480,483 |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 584 | 1,176 |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 419 | 267 |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Commercial | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,014,830 | 967,305 |
Nonaccrual Loans | 343 | 1,745 |
Loans receivable | Commercial | Construction | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,014,211 | 964,947 |
Loans receivable | Commercial | Construction | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 231 |
Loans receivable | Commercial | Construction | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 276 | 382 |
Loans receivable | Commercial | Construction | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Commercial | Equipment financing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,083,021 | 863,830 |
Nonaccrual Loans | 1,741 | 3,405 |
Loans receivable | Commercial | Equipment financing | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,079,180 | 856,985 |
Loans receivable | Commercial | Equipment financing | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,415 | 2,431 |
Loans receivable | Commercial | Equipment financing | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 685 | 1,009 |
Loans receivable | Commercial | Equipment financing | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Residential | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,637,885 | 1,284,920 |
Nonaccrual Loans | 13,313 | 12,858 |
Loans receivable | Residential | Residential mortgage | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,622,754 | 1,265,019 |
Loans receivable | Residential | Residential mortgage | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,583 | 5,549 |
Loans receivable | Residential | Residential mortgage | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 235 | 1,494 |
Loans receivable | Residential | Residential mortgage | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Residential | HELOC | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 694,034 | 697,117 |
Nonaccrual Loans | 1,212 | 2,487 |
Loans receivable | Residential | HELOC | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 691,814 | 692,504 |
Loans receivable | Residential | HELOC | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 920 | 1,942 |
Loans receivable | Residential | HELOC | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 88 | 184 |
Loans receivable | Residential | HELOC | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Residential | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 359,815 | 281,430 |
Nonaccrual Loans | 420 | 514 |
Loans receivable | Residential | Construction | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 358,741 | 280,551 |
Loans receivable | Residential | Construction | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 654 | 365 |
Loans receivable | Residential | Construction | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Residential | Construction | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 138,056 | 146,460 |
Nonaccrual Loans | 52 | 225 |
Loans receivable | Consumer | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 137,564 | 145,770 |
Loans receivable | Consumer | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 421 | 429 |
Loans receivable | Consumer | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 19 | 36 |
Loans receivable | Consumer | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 0 | $ 0 |
Loans and Leases and Allowanc_9
Loans and Leases and Allowance for Credit Losses - Nonaccrual loans by loan class (Details) - Loans receivable - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Nonaccrual loans | ||
Nonaccrual loans with no allowance | $ 16,360 | $ 23,760 |
Nonaccrual loans with an allowance | 16,452 | 37,839 |
Nonaccrual Loans | 32,812 | 61,599 |
Commercial | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 12,729 | 20,121 |
Nonaccrual loans with an allowance | 5,086 | 25,394 |
Nonaccrual Loans | 17,815 | 45,515 |
Commercial | Owner occupied commercial real estate | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 2,141 | 6,614 |
Nonaccrual loans with an allowance | 573 | 1,968 |
Nonaccrual Loans | 2,714 | 8,582 |
Commercial | Income producing commercial real estate | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 6,873 | 10,008 |
Nonaccrual loans with an allowance | 715 | 5,141 |
Nonaccrual Loans | 7,588 | 15,149 |
Commercial | Commercial & industrial | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 3,715 | 2,004 |
Nonaccrual loans with an allowance | 1,714 | 14,630 |
Nonaccrual Loans | 5,429 | 16,634 |
Commercial | Construction | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 0 | 1,339 |
Nonaccrual loans with an allowance | 343 | 406 |
Nonaccrual Loans | 343 | 1,745 |
Commercial | Equipment financing | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 0 | 156 |
Nonaccrual loans with an allowance | 1,741 | 3,249 |
Nonaccrual Loans | 1,741 | 3,405 |
Residential | Residential mortgage | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 3,126 | 1,855 |
Nonaccrual loans with an allowance | 10,187 | 11,003 |
Nonaccrual Loans | 13,313 | 12,858 |
Residential | HELOC | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 219 | 1,329 |
Nonaccrual loans with an allowance | 993 | 1,158 |
Nonaccrual Loans | 1,212 | 2,487 |
Residential | Construction | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 280 | 274 |
Nonaccrual loans with an allowance | 140 | 240 |
Nonaccrual Loans | 420 | 514 |
Consumer | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 6 | 181 |
Nonaccrual loans with an allowance | 46 | 44 |
Nonaccrual Loans | $ 52 | $ 225 |
Loans and Leases and Allowan_10
Loans and Leases and Allowance for Credit Losses - Risk category of term loans by vintage year (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | $ 4,181,120 | $ 4,219,098 |
Originated in prior year | 2,679,991 | 1,865,899 |
Originated two years prior | 1,302,346 | 1,433,719 |
Originated three years prior | 785,543 | 874,745 |
Originated four years prior | 529,286 | 759,094 |
Originated five or more years prior | 869,486 | 789,304 |
Revolvers | 1,352,903 | 1,368,554 |
Revolvers converted to term loans | 59,671 | 60,402 |
Total loans | 11,760,346 | 11,370,815 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 4,056,001 | 4,093,543 |
Originated in prior year | 2,613,439 | 1,773,077 |
Originated two years prior | 1,230,851 | 1,352,195 |
Originated three years prior | 686,372 | 815,046 |
Originated four years prior | 467,977 | 669,394 |
Originated five or more years prior | 805,770 | 753,530 |
Revolvers | 1,345,755 | 1,338,027 |
Revolvers converted to term loans | 54,067 | 52,038 |
Total loans | 11,260,232 | 10,846,850 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 87,231 | 67,047 |
Originated in prior year | 48,922 | 63,506 |
Originated two years prior | 54,403 | 47,167 |
Originated three years prior | 49,742 | 47,185 |
Originated four years prior | 36,461 | 47,536 |
Originated five or more years prior | 24,876 | 16,559 |
Revolvers | 2,490 | 6,564 |
Revolvers converted to term loans | 286 | 1,681 |
Total loans | 304,411 | 297,245 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 37,888 | 58,508 |
Originated in prior year | 17,630 | 29,316 |
Originated two years prior | 17,092 | 34,357 |
Originated three years prior | 49,429 | 12,514 |
Originated four years prior | 24,848 | 42,164 |
Originated five or more years prior | 38,840 | 19,215 |
Revolvers | 4,658 | 23,963 |
Revolvers converted to term loans | 5,318 | 6,683 |
Total loans | 195,703 | 226,720 |
Commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 2,892,353 | 3,343,874 |
Originated in prior year | 2,197,828 | 1,521,690 |
Originated two years prior | 1,109,201 | 1,208,471 |
Originated three years prior | 614,611 | 685,027 |
Originated four years prior | 391,842 | 540,614 |
Originated five or more years prior | 573,932 | 508,536 |
Revolvers | 636,889 | 620,686 |
Revolvers converted to term loans | 35,014 | 28,924 |
Total loans | 8,451,670 | 8,457,822 |
Commercial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 87,231 | 67,047 |
Originated in prior year | 48,922 | 63,506 |
Originated two years prior | 54,403 | 47,167 |
Originated three years prior | 49,742 | 47,185 |
Originated four years prior | 36,461 | 47,536 |
Originated five or more years prior | 24,876 | 16,559 |
Revolvers | 2,490 | 6,564 |
Revolvers converted to term loans | 286 | 1,681 |
Total loans | 304,411 | 297,245 |
Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 34,105 | 56,353 |
Originated in prior year | 16,029 | 27,076 |
Originated two years prior | 14,227 | 31,080 |
Originated three years prior | 46,123 | 11,081 |
Originated four years prior | 23,621 | 41,283 |
Originated five or more years prior | 33,740 | 12,877 |
Revolvers | 4,326 | 23,698 |
Revolvers converted to term loans | 2,304 | 2,373 |
Total loans | 174,475 | 205,821 |
Commercial | Owner occupied commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 643,151 | 707,501 |
Originated in prior year | 674,124 | 368,615 |
Originated two years prior | 278,702 | 231,316 |
Originated three years prior | 153,233 | 197,778 |
Originated four years prior | 139,584 | 201,362 |
Originated five or more years prior | 267,460 | 229,667 |
Revolvers | 68,354 | 56,273 |
Revolvers converted to term loans | 17,150 | 9,072 |
Total loans | 2,241,758 | 2,001,584 |
Commercial | Owner occupied commercial real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 7,772 | 8,759 |
Originated in prior year | 2,979 | 4,088 |
Originated two years prior | 16,639 | 4,221 |
Originated three years prior | 4,374 | 10,025 |
Originated four years prior | 6,007 | 11,138 |
Originated five or more years prior | 2,641 | 4,728 |
Revolvers | 248 | 100 |
Revolvers converted to term loans | 286 | 0 |
Total loans | 40,946 | 43,059 |
Commercial | Owner occupied commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 11,987 | 6,586 |
Originated in prior year | 1,049 | 10,473 |
Originated two years prior | 4,216 | 7,596 |
Originated three years prior | 3,712 | 3,717 |
Originated four years prior | 5,829 | 6,753 |
Originated five or more years prior | 11,088 | 8,473 |
Revolvers | 0 | 1,528 |
Revolvers converted to term loans | 1,100 | 674 |
Total loans | 38,981 | 45,800 |
Commercial | Income producing commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 668,322 | 815,799 |
Originated in prior year | 678,487 | 376,911 |
Originated two years prior | 333,911 | 361,539 |
Originated three years prior | 221,218 | 277,769 |
Originated four years prior | 165,563 | 206,068 |
Originated five or more years prior | 219,459 | 198,080 |
Revolvers | 41,157 | 28,542 |
Revolvers converted to term loans | 11,830 | 12,128 |
Total loans | 2,339,947 | 2,276,836 |
Commercial | Income producing commercial real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 64,139 | 35,471 |
Originated in prior year | 27,875 | 42,831 |
Originated two years prior | 21,875 | 39,954 |
Originated three years prior | 22,292 | 13,238 |
Originated four years prior | 18,415 | 24,164 |
Originated five or more years prior | 21,880 | 11,337 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 1,681 |
Total loans | 176,476 | 168,676 |
Commercial | Income producing commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 15,485 | 45,125 |
Originated in prior year | 12,618 | 8,940 |
Originated two years prior | 3,779 | 2,179 |
Originated three years prior | 29,212 | 5,034 |
Originated four years prior | 6,726 | 31,211 |
Originated five or more years prior | 16,531 | 2,652 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 84 | 97 |
Total loans | 84,435 | 95,238 |
Commercial | Commercial & industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 638,567 | 1,092,767 |
Originated in prior year | 270,150 | 287,857 |
Originated two years prior | 178,944 | 263,439 |
Originated three years prior | 136,281 | 115,790 |
Originated four years prior | 50,567 | 92,968 |
Originated five or more years prior | 72,904 | 58,359 |
Revolvers | 514,750 | 515,593 |
Revolvers converted to term loans | 4,361 | 3,777 |
Total loans | 1,866,524 | 2,430,550 |
Commercial | Commercial & industrial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 1,037 | 1,451 |
Originated in prior year | 1,831 | 16,315 |
Originated two years prior | 2,740 | 2,176 |
Originated three years prior | 597 | 630 |
Originated four years prior | 273 | 459 |
Originated five or more years prior | 303 | 17 |
Revolvers | 2,242 | 6,464 |
Revolvers converted to term loans | 0 | 0 |
Total loans | 9,023 | 27,512 |
Commercial | Commercial & industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 2,741 | 1,545 |
Originated in prior year | 1,615 | 5,536 |
Originated two years prior | 5,284 | 6,193 |
Originated three years prior | 12,685 | 1,684 |
Originated four years prior | 1,232 | 1,292 |
Originated five or more years prior | 5,863 | 1,485 |
Revolvers | 4,326 | 22,170 |
Revolvers converted to term loans | 869 | 593 |
Total loans | 34,615 | 40,498 |
Commercial | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 378,695 | 314,154 |
Originated in prior year | 303,154 | 217,643 |
Originated two years prior | 149,740 | 226,308 |
Originated three years prior | 40,625 | 53,708 |
Originated four years prior | 22,983 | 30,812 |
Originated five or more years prior | 13,206 | 21,985 |
Revolvers | 12,628 | 20,278 |
Revolvers converted to term loans | 1,673 | 3,947 |
Total loans | 922,704 | 888,835 |
Commercial | Construction | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 14,283 | 21,366 |
Originated in prior year | 16,237 | 272 |
Originated two years prior | 13,149 | 816 |
Originated three years prior | 22,479 | 23,292 |
Originated four years prior | 11,766 | 11,775 |
Originated five or more years prior | 52 | 477 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total loans | 77,966 | 57,998 |
Commercial | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 3,464 | 2,466 |
Originated in prior year | 157 | 735 |
Originated two years prior | 272 | 13,741 |
Originated three years prior | 11 | 340 |
Originated four years prior | 9,750 | 1,931 |
Originated five or more years prior | 255 | 250 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 251 | 1,009 |
Total loans | 14,160 | 20,472 |
Commercial | Equipment financing | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 563,618 | 413,653 |
Originated in prior year | 271,913 | 270,664 |
Originated two years prior | 167,904 | 125,869 |
Originated three years prior | 63,254 | 39,982 |
Originated four years prior | 13,145 | 9,404 |
Originated five or more years prior | 903 | 445 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total loans | 1,080,737 | 860,017 |
Commercial | Equipment financing | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 0 |
Originated in prior year | 0 | 0 |
Originated two years prior | 0 | 0 |
Originated three years prior | 0 | 0 |
Originated four years prior | 0 | 0 |
Originated five or more years prior | 0 | 0 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total loans | 0 | 0 |
Commercial | Equipment financing | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 428 | 631 |
Originated in prior year | 590 | 1,392 |
Originated two years prior | 676 | 1,371 |
Originated three years prior | 503 | 306 |
Originated four years prior | 84 | 96 |
Originated five or more years prior | 3 | 17 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total loans | 2,284 | 3,813 |
Residential | Residential mortgage | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 781,007 | 468,945 |
Originated in prior year | 370,092 | 195,213 |
Originated two years prior | 108,091 | 125,492 |
Originated three years prior | 64,346 | 120,944 |
Originated four years prior | 71,552 | 122,013 |
Originated five or more years prior | 221,131 | 230,771 |
Revolvers | 9 | 18 |
Revolvers converted to term loans | 3,915 | 5,393 |
Total loans | 1,620,143 | 1,268,789 |
Residential | Residential mortgage | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 0 |
Originated in prior year | 0 | 0 |
Originated two years prior | 0 | 0 |
Originated three years prior | 0 | 0 |
Originated four years prior | 0 | 0 |
Originated five or more years prior | 0 | 0 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total loans | 0 | 0 |
Residential | Residential mortgage | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 3,339 | 2,049 |
Originated in prior year | 1,585 | 2,106 |
Originated two years prior | 2,813 | 3,174 |
Originated three years prior | 3,229 | 1,369 |
Originated four years prior | 1,205 | 679 |
Originated five or more years prior | 4,744 | 5,860 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 827 | 894 |
Total loans | 17,742 | 16,131 |
Residential | HELOC | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 0 |
Originated in prior year | 0 | 0 |
Originated two years prior | 0 | 0 |
Originated three years prior | 0 | 0 |
Originated four years prior | 0 | 0 |
Originated five or more years prior | 0 | 0 |
Revolvers | 676,545 | 675,878 |
Revolvers converted to term loans | 14,994 | 17,581 |
Total loans | 691,539 | 693,459 |
Residential | HELOC | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 0 |
Originated in prior year | 0 | 0 |
Originated two years prior | 0 | 0 |
Originated three years prior | 0 | 0 |
Originated four years prior | 0 | 0 |
Originated five or more years prior | 0 | 0 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total loans | 0 | 0 |
Residential | HELOC | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 0 |
Originated in prior year | 0 | 0 |
Originated two years prior | 0 | 0 |
Originated three years prior | 0 | 0 |
Originated four years prior | 0 | 0 |
Originated five or more years prior | 0 | 0 |
Revolvers | 329 | 265 |
Revolvers converted to term loans | 2,166 | 3,393 |
Total loans | 2,495 | 3,658 |
Residential | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 325,111 | 225,727 |
Originated in prior year | 16,301 | 30,646 |
Originated two years prior | 2,802 | 4,026 |
Originated three years prior | 2,278 | 4,544 |
Originated four years prior | 3,144 | 3,172 |
Originated five or more years prior | 9,352 | 12,546 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 33 | 64 |
Total loans | 359,021 | 280,725 |
Residential | Construction | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 0 |
Originated in prior year | 0 | 0 |
Originated two years prior | 0 | 0 |
Originated three years prior | 0 | 0 |
Originated four years prior | 0 | 0 |
Originated five or more years prior | 0 | 0 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total loans | 0 | 0 |
Residential | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 407 | 106 |
Originated in prior year | 0 | 37 |
Originated two years prior | 30 | 54 |
Originated three years prior | 51 | 4 |
Originated four years prior | 0 | 124 |
Originated five or more years prior | 306 | 380 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total loans | 794 | 705 |
Consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 57,530 | 54,997 |
Originated in prior year | 29,218 | 25,528 |
Originated two years prior | 10,757 | 14,206 |
Originated three years prior | 5,137 | 4,531 |
Originated four years prior | 1,439 | 3,595 |
Originated five or more years prior | 1,355 | 1,677 |
Revolvers | 32,312 | 41,445 |
Revolvers converted to term loans | 111 | 76 |
Total loans | 137,859 | 146,055 |
Consumer | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 0 |
Originated in prior year | 0 | 0 |
Originated two years prior | 0 | 0 |
Originated three years prior | 0 | 0 |
Originated four years prior | 0 | 0 |
Originated five or more years prior | 0 | 0 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total loans | 0 | 0 |
Consumer | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 37 | 0 |
Originated in prior year | 16 | 97 |
Originated two years prior | 22 | 49 |
Originated three years prior | 26 | 60 |
Originated four years prior | 22 | 78 |
Originated five or more years prior | 50 | 98 |
Revolvers | 3 | 0 |
Revolvers converted to term loans | 21 | 23 |
Total loans | $ 197 | $ 405 |
Loans and Leases and Allowan_11
Loans and Leases and Allowance for Credit Losses - Loans modified under terms of TDR (Details) - Loans receivable $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)contract | Dec. 31, 2020USD ($)contract | Dec. 31, 2019USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 92 | 252 | 55 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 9,711 | $ 25,932 | $ 14,340 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 24 | 30 | 2 |
TDRs Modified Within the Year That Have Subsequently Defaulted, Recorded Investment | $ 1,235 | $ 7,969 | $ 148 |
Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 7,854 | 17,585 | 14,005 |
Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 1,857 | $ 8,347 | $ 335 |
Indirect auto | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 15 | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 262 | ||
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 0 | ||
TDRs Modified Within the Year That Have Subsequently Defaulted, Recorded Investment | $ 0 | ||
Indirect auto | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | ||
Indirect auto | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | ||
Indirect auto | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 262 | ||
Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 76 | 198 | 18 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 8,126 | $ 21,248 | $ 11,905 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 18 | 26 | 0 |
TDRs Modified Within the Year That Have Subsequently Defaulted, Recorded Investment | $ 550 | $ 7,761 | $ 0 |
Commercial | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Commercial | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 6,326 | 12,928 | 11,898 |
Commercial | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 1,800 | $ 8,320 | $ 7 |
Commercial | Owner occupied commercial real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 2 | 8 | 4 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 731 | $ 2,369 | $ 1,739 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 1 | 0 | 0 |
TDRs Modified Within the Year That Have Subsequently Defaulted, Recorded Investment | $ 99 | $ 0 | $ 0 |
Commercial | Owner occupied commercial real estate | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Commercial | Owner occupied commercial real estate | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 731 | 833 | 1,739 |
Commercial | Owner occupied commercial real estate | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 1,536 | $ 0 |
Commercial | Income producing commercial real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 3 | 7 | 3 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 1,697 | $ 11,555 | $ 9,013 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 1 | 0 |
TDRs Modified Within the Year That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 5,998 | $ 0 |
Commercial | Income producing commercial real estate | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Commercial | Income producing commercial real estate | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 4,856 | 9,013 |
Commercial | Income producing commercial real estate | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 1,697 | $ 6,699 | $ 0 |
Commercial | Commercial & industrial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 8 | 4 | 2 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 700 | $ 601 | $ 82 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 2 | 3 | 0 |
TDRs Modified Within the Year That Have Subsequently Defaulted, Recorded Investment | $ 76 | $ 819 | $ 0 |
Commercial | Commercial & industrial | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Commercial | Commercial & industrial | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 597 | 586 | 75 |
Commercial | Commercial & industrial | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 103 | $ 15 | $ 7 |
Commercial | Construction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 1 | 7 | 0 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 309 | $ 902 | $ 0 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | 0 |
TDRs Modified Within the Year That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | $ 0 |
Commercial | Construction | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Commercial | Construction | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 309 | 832 | 0 |
Commercial | Construction | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 70 | $ 0 |
Commercial | Equipment financing | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 62 | 172 | 9 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 4,689 | $ 5,821 | $ 1,071 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 15 | 22 | 0 |
TDRs Modified Within the Year That Have Subsequently Defaulted, Recorded Investment | $ 375 | $ 944 | $ 0 |
Commercial | Equipment financing | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Commercial | Equipment financing | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 4,689 | 5,821 | 1,071 |
Commercial | Equipment financing | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 | |
Residential | Residential mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 16 | 40 | 15 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 1,585 | $ 4,362 | $ 2,057 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 4 | 2 | 1 |
TDRs Modified Within the Year That Have Subsequently Defaulted, Recorded Investment | $ 593 | $ 145 | $ 135 |
Residential | Residential mortgage | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Residential | Residential mortgage | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 1,528 | 4,359 | 2,057 |
Residential | Residential mortgage | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 57 | $ 3 | $ 0 |
Residential | HELOC | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 4 | 1 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 164 | $ 50 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 2 | 1 | 0 |
TDRs Modified Within the Year That Have Subsequently Defaulted, Recorded Investment | $ 92 | $ 60 | $ 0 |
Residential | HELOC | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Residential | HELOC | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 164 | 50 |
Residential | HELOC | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 | $ 0 |
Residential | Construction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 3 | 1 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 123 | $ 21 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | 1 |
TDRs Modified Within the Year That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | $ 13 |
Residential | Construction | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Residential | Construction | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 123 | 0 |
Residential | Construction | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 | $ 21 |
Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 7 | 5 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 35 | $ 45 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 1 | 0 |
TDRs Modified Within the Year That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 3 | $ 0 |
Consumer | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Consumer | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 11 | 0 |
Consumer | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 24 | $ 45 |
Loans and Leases and Allowan_12
Loans and Leases and Allowance for Credit Losses - Balance and activity in the ACL by portfolio segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | $ 137,010 | $ 62,089 | $ 61,203 |
ACL- loans, Initial ACL - PCD loans | 3,544 | 11,152 | |
ACL - loans, Charge-Offs | (15,273) | (32,394) | (18,017) |
ACL - loans, Recoveries | 15,235 | 14,078 | 5,801 |
ACL - loans, (Release) Provision | (37,984) | 75,205 | 13,102 |
ACL - loans, Ending Balance | 102,532 | 137,010 | 62,089 |
ACL - unfunded commitments, Beginning Balance | 10,558 | 3,458 | 3,410 |
ACL - unfunded commitments, (Release) Provision | 434 | 5,229 | 48 |
ACL - unfunded commitments, Ending Balance | 10,992 | 10,558 | 3,458 |
Total ACL, Beginning Balance | 147,568 | 65,547 | 64,613 |
Total ACL, Initial ACL - PCD loans | 3,544 | 11,152 | |
Total ACL, Charge-Offs | (15,273) | (32,394) | (18,017) |
Total ACL, Recoveries | 15,235 | 14,078 | 5,801 |
Total ACL, (Release) Provision | (37,550) | 80,434 | 13,150 |
Total ACL, Ending Balance | 113,524 | 147,568 | 65,547 |
Adoption of CECL | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 6,880 | ||
ACL - loans, Ending Balance | 6,880 | ||
ACL - unfunded commitments, Beginning Balance | 1,871 | ||
ACL - unfunded commitments, Ending Balance | 1,871 | ||
Total ACL, Beginning Balance | 8,751 | ||
Total ACL, Ending Balance | 8,751 | ||
Adjusted Balance | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 68,969 | ||
ACL - loans, Ending Balance | 68,969 | ||
ACL - unfunded commitments, Beginning Balance | 5,329 | ||
ACL - unfunded commitments, Ending Balance | 5,329 | ||
Total ACL, Beginning Balance | 74,298 | ||
Total ACL, Ending Balance | 74,298 | ||
Loans receivable | Indirect auto | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 0 | 999 | |
ACL - loans, Charge-Offs | (663) | ||
ACL - loans, Recoveries | 186 | ||
ACL - loans, (Release) Provision | (522) | ||
ACL - loans, Ending Balance | 0 | ||
Loans receivable | Commercial | Owner occupied commercial real estate | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 20,673 | 11,404 | 12,207 |
ACL- loans, Initial ACL - PCD loans | 280 | 1,779 | |
ACL - loans, Charge-Offs | (1,640) | (70) | (5) |
ACL - loans, Recoveries | 1,324 | 2,565 | 375 |
ACL - loans, (Release) Provision | (6,355) | 6,611 | (1,173) |
ACL - loans, Ending Balance | 14,282 | 20,673 | 11,404 |
Loans receivable | Commercial | Owner occupied commercial real estate | Adoption of CECL | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | (1,616) | ||
ACL - loans, Ending Balance | (1,616) | ||
Loans receivable | Commercial | Owner occupied commercial real estate | Adjusted Balance | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 9,788 | ||
ACL - loans, Ending Balance | 9,788 | ||
Loans receivable | Commercial | Income producing commercial real estate | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 41,737 | 12,306 | 11,073 |
ACL- loans, Initial ACL - PCD loans | 982 | 1,208 | |
ACL - loans, Charge-Offs | (267) | (8,430) | (1,227) |
ACL - loans, Recoveries | 496 | 3,546 | 283 |
ACL - loans, (Release) Provision | (18,792) | 33,137 | 2,177 |
ACL - loans, Ending Balance | 24,156 | 41,737 | 12,306 |
Loans receivable | Commercial | Income producing commercial real estate | Adoption of CECL | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | (30) | ||
ACL - loans, Ending Balance | (30) | ||
Loans receivable | Commercial | Income producing commercial real estate | Adjusted Balance | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 12,276 | ||
ACL - loans, Ending Balance | 12,276 | ||
Loans receivable | Commercial | Commercial & industrial | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 22,019 | 5,266 | 4,802 |
ACL- loans, Initial ACL - PCD loans | 312 | 7,680 | |
ACL - loans, Charge-Offs | (4,776) | (10,707) | (5,849) |
ACL - loans, Recoveries | 7,275 | 1,371 | 852 |
ACL - loans, (Release) Provision | (8,238) | 14,397 | 5,461 |
ACL - loans, Ending Balance | 16,592 | 22,019 | 5,266 |
Loans receivable | Commercial | Commercial & industrial | Adoption of CECL | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 4,012 | ||
ACL - loans, Ending Balance | 4,012 | ||
Loans receivable | Commercial | Commercial & industrial | Adjusted Balance | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 9,278 | ||
ACL - loans, Ending Balance | 9,278 | ||
Loans receivable | Commercial | Construction | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 10,952 | 9,668 | 10,337 |
ACL- loans, Initial ACL - PCD loans | 1,969 | 74 | |
ACL - loans, Charge-Offs | (334) | (726) | (290) |
ACL - loans, Recoveries | 1,081 | 1,045 | 1,165 |
ACL - loans, (Release) Provision | (3,712) | 3,474 | (1,544) |
ACL - loans, Ending Balance | 9,956 | 10,952 | 9,668 |
Loans receivable | Commercial | Construction | Adoption of CECL | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | (2,583) | ||
ACL - loans, Ending Balance | (2,583) | ||
Loans receivable | Commercial | Construction | Adjusted Balance | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 7,085 | ||
ACL - loans, Ending Balance | 7,085 | ||
Loans receivable | Commercial | Equipment financing | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 16,820 | 7,384 | 5,452 |
ACL- loans, Initial ACL - PCD loans | 0 | 0 | |
ACL - loans, Charge-Offs | (5,724) | (8,764) | (5,675) |
ACL - loans, Recoveries | 2,619 | 2,004 | 781 |
ACL - loans, (Release) Provision | 2,575 | 10,325 | 6,826 |
ACL - loans, Ending Balance | 16,290 | 16,820 | 7,384 |
Loans receivable | Commercial | Equipment financing | Adoption of CECL | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 5,871 | ||
ACL - loans, Ending Balance | 5,871 | ||
Loans receivable | Commercial | Equipment financing | Adjusted Balance | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 13,255 | ||
ACL - loans, Ending Balance | 13,255 | ||
Loans receivable | Residential | Residential mortgage | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 15,341 | 8,081 | 8,295 |
ACL- loans, Initial ACL - PCD loans | 0 | 195 | |
ACL - loans, Charge-Offs | (344) | (398) | (616) |
ACL - loans, Recoveries | 564 | 455 | 481 |
ACL - loans, (Release) Provision | (3,171) | 5,439 | (79) |
ACL - loans, Ending Balance | 12,390 | 15,341 | 8,081 |
Loans receivable | Residential | Residential mortgage | Adoption of CECL | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 1,569 | ||
ACL - loans, Ending Balance | 1,569 | ||
Loans receivable | Residential | Residential mortgage | Adjusted Balance | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 9,650 | ||
ACL - loans, Ending Balance | 9,650 | ||
Loans receivable | Residential | HELOC | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 8,417 | 4,575 | 4,752 |
ACL- loans, Initial ACL - PCD loans | 1 | 209 | |
ACL - loans, Charge-Offs | (112) | (221) | (996) |
ACL - loans, Recoveries | 517 | 677 | 610 |
ACL - loans, (Release) Provision | (2,255) | 1,258 | 209 |
ACL - loans, Ending Balance | 6,568 | 8,417 | 4,575 |
Loans receivable | Residential | HELOC | Adoption of CECL | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 1,919 | ||
ACL - loans, Ending Balance | 1,919 | ||
Loans receivable | Residential | HELOC | Adjusted Balance | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 6,494 | ||
ACL - loans, Ending Balance | 6,494 | ||
Loans receivable | Residential | Construction | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 764 | 2,504 | 2,433 |
ACL- loans, Initial ACL - PCD loans | 0 | 0 | |
ACL - loans, Charge-Offs | (10) | (93) | (306) |
ACL - loans, Recoveries | 157 | 156 | 157 |
ACL - loans, (Release) Provision | 936 | (32) | 220 |
ACL - loans, Ending Balance | 1,847 | 764 | 2,504 |
Loans receivable | Residential | Construction | Adoption of CECL | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | (1,771) | ||
ACL - loans, Ending Balance | (1,771) | ||
Loans receivable | Residential | Construction | Adjusted Balance | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 733 | ||
ACL - loans, Ending Balance | 733 | ||
Loans receivable | Consumer | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 287 | 901 | 853 |
ACL- loans, Initial ACL - PCD loans | 0 | 7 | |
ACL - loans, Charge-Offs | (2,066) | (2,985) | (2,390) |
ACL - loans, Recoveries | 1,202 | 2,259 | 911 |
ACL - loans, (Release) Provision | 1,028 | 596 | 1,527 |
ACL - loans, Ending Balance | $ 451 | 287 | 901 |
Loans receivable | Consumer | Adoption of CECL | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | (491) | ||
ACL - loans, Ending Balance | (491) | ||
Loans receivable | Consumer | Adjusted Balance | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | $ 410 | ||
ACL - loans, Ending Balance | $ 410 |
Premises and Equipment - Summar
Premises and Equipment - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Premises and equipments | ||
Premises and equipment, gross | $ 394,661 | $ 360,060 |
Less accumulated depreciation | (149,365) | (141,571) |
Premises and equipment, net | 245,296 | 218,489 |
Land and land improvements | ||
Premises and equipments | ||
Premises and equipment, gross | 95,029 | 82,816 |
Buildings and improvements | ||
Premises and equipments | ||
Premises and equipment, gross | 189,339 | 173,497 |
Furniture and equipment | ||
Premises and equipments | ||
Premises and equipment, gross | 100,205 | 96,157 |
Construction in progress | ||
Premises and equipments | ||
Premises and equipment, gross | $ 10,088 | $ 7,590 |
Premises and Equipment - Narrat
Premises and Equipment - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 15.7 | $ 15.6 | $ 15.3 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Fair value of derivative financial instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 3,052,601 | $ 3,529,643 |
Derivative Assets | ||
Total gross derivative instruments | 42,480 | 86,666 |
Less: Amounts subject to master netting agreements | (694) | (114) |
Less: Cash collateral received/pledged | (6,620) | (3,200) |
Net amount | 35,166 | 83,352 |
Derivative Liabilities | ||
Total gross derivative instruments | 25,145 | 29,003 |
Less: Amounts subject to master netting agreements | (694) | (114) |
Less: Cash collateral received/pledged | (14,148) | (27,092) |
Net amount | 10,303 | 1,797 |
Derivative assets | ||
Derivative Assets | ||
Total gross derivative instruments | 42,480 | 86,666 |
Derivative liabilities | ||
Derivative Liabilities | ||
Total gross derivative instruments | 25,145 | 29,003 |
Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 130,000 | 140,000 |
Designated as hedging instrument | Cash flow hedge of subordinated debt | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 100,000 | 100,000 |
Designated as hedging instrument | Cash flow hedge of trust preferred securities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 20,000 | 20,000 |
Designated as hedging instrument | Fair value hedge of brokered CDs | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 10,000 | 20,000 |
Designated as hedging instrument | Derivative assets | ||
Derivative Assets | ||
Derivatives designated as hedging instruments | 6,389 | 3,378 |
Designated as hedging instrument | Derivative assets | Cash flow hedge of subordinated debt | ||
Derivative Assets | ||
Cash flow hedge | 6,389 | 3,378 |
Designated as hedging instrument | Derivative assets | Cash flow hedge of trust preferred securities | ||
Derivative Assets | ||
Cash flow hedge | 0 | 0 |
Designated as hedging instrument | Derivative assets | Fair value hedge of brokered CDs | ||
Derivative Assets | ||
Fair value hedge | 0 | 0 |
Designated as hedging instrument | Derivative liabilities | ||
Derivative Liabilities | ||
Derivatives designated as hedging instruments | 0 | 0 |
Designated as hedging instrument | Derivative liabilities | Cash flow hedge of subordinated debt | ||
Derivative Liabilities | ||
Cash flow hedge | 0 | 0 |
Designated as hedging instrument | Derivative liabilities | Cash flow hedge of trust preferred securities | ||
Derivative Liabilities | ||
Cash flow hedge | 0 | 0 |
Designated as hedging instrument | Derivative liabilities | Fair value hedge of brokered CDs | ||
Derivative Liabilities | ||
Fair value hedge | 0 | 0 |
Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 2,922,601 | 3,389,643 |
Not designated as hedging instrument | Customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,206,145 | 1,329,271 |
Not designated as hedging instrument | Dealer offsets to customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,230,885 | 1,329,271 |
Not designated as hedging instrument | Risk participations | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 69,385 | 48,843 |
Not designated as hedging instrument | Mortgage banking - loan commitment | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 110,897 | 253,243 |
Not designated as hedging instrument | Mortgage banking - forward sales commitment | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 201,419 | 325,145 |
Not designated as hedging instrument | Bifurcated embedded derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 51,935 | 51,935 |
Not designated as hedging instrument | Dealer offsets to bifurcated embedded derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 51,935 | 51,935 |
Not designated as hedging instrument | Derivative assets | ||
Derivative Assets | ||
Derivatives not designated as hedging instruments | 36,091 | 83,288 |
Not designated as hedging instrument | Derivative assets | Customer derivative positions | ||
Derivative Assets | ||
Derivatives not designated as hedging instruments | 28,656 | 72,508 |
Not designated as hedging instrument | Derivative assets | Dealer offsets to customer derivative positions | ||
Derivative Assets | ||
Derivatives not designated as hedging instruments | 974 | 1 |
Not designated as hedging instrument | Derivative assets | Risk participations | ||
Derivative Assets | ||
Derivatives not designated as hedging instruments | 16 | 28 |
Not designated as hedging instrument | Derivative assets | Mortgage banking - loan commitment | ||
Derivative Assets | ||
Derivatives not designated as hedging instruments | 3,450 | 10,751 |
Not designated as hedging instrument | Derivative assets | Mortgage banking - forward sales commitment | ||
Derivative Assets | ||
Derivatives not designated as hedging instruments | 67 | 0 |
Not designated as hedging instrument | Derivative assets | Bifurcated embedded derivatives | ||
Derivative Assets | ||
Derivatives not designated as hedging instruments | 2,928 | 0 |
Not designated as hedging instrument | Derivative assets | Dealer offsets to bifurcated embedded derivatives | ||
Derivative Assets | ||
Derivatives not designated as hedging instruments | 0 | 0 |
Not designated as hedging instrument | Derivative liabilities | ||
Derivative Liabilities | ||
Derivatives not designated as hedging instruments | 25,145 | 29,003 |
Not designated as hedging instrument | Derivative liabilities | Customer derivative positions | ||
Derivative Liabilities | ||
Derivatives not designated as hedging instruments | 10,663 | 17 |
Not designated as hedging instrument | Derivative liabilities | Dealer offsets to customer derivative positions | ||
Derivative Liabilities | ||
Derivatives not designated as hedging instruments | 9,232 | 24,614 |
Not designated as hedging instrument | Derivative liabilities | Risk participations | ||
Derivative Liabilities | ||
Derivatives not designated as hedging instruments | 7 | 12 |
Not designated as hedging instrument | Derivative liabilities | Mortgage banking - loan commitment | ||
Derivative Liabilities | ||
Derivatives not designated as hedging instruments | 0 | 0 |
Not designated as hedging instrument | Derivative liabilities | Mortgage banking - forward sales commitment | ||
Derivative Liabilities | ||
Derivatives not designated as hedging instruments | 202 | 1,964 |
Not designated as hedging instrument | Derivative liabilities | Bifurcated embedded derivatives | ||
Derivative Liabilities | ||
Derivatives not designated as hedging instruments | 0 | 1,449 |
Not designated as hedging instrument | Derivative liabilities | Dealer offsets to bifurcated embedded derivatives | ||
Derivative Liabilities | ||
Derivatives not designated as hedging instruments | $ 5,041 | $ 947 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Narrative (Details) $ in Thousands | Dec. 31, 2021USD ($)contract |
Derivative Instruments [Line Items] | |
Losses to be reclassified from accumulated other comprehensive income into earnings over the next twelve months | $ | $ 523 |
Not designated as hedging instrument, economic hedge | Interest rate swaps | |
Derivative Instruments [Line Items] | |
Number of derivative contracts | contract | 3 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Effect of derivatives in hedging relationships (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments [Line Items] | |||
Total interest expense presented in the consolidated statements of income | $ (29,760) | $ (56,237) | $ (83,312) |
Fair value hedging | Interest expense | |||
Effect of hedging relationships on interest expense: | |||
Net income (expense) recognized | 210 | 281 | (360) |
Cash flow hedging | Interest expense | |||
Effect of hedging relationships on interest expense: | |||
Net income (expense) recognized | (608) | (359) | $ 0 |
Premium amortization expense excluded from assessment of hedge effectiveness | $ 472 | $ 329 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities - Carrying amount and hedge accounting basis adjustment (Details) - Fair value hedging - Interest rate swaps - Deposits - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Carrying amount of Assets (Liabilities) | $ (10,026) | $ (20,216) |
Hedge Accounting Basis Adjustment | $ (28) | $ (235) |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities - Gains and losses recognized in income on derivatives not designated as hedging instruments (Details) - Not designated as hedging instrument - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments [Line Items] | |||
Total gains and losses | $ 1,840 | $ (1,544) | $ 1,097 |
Customer derivatives and dealer offsets | Other noninterest income | |||
Derivative Instruments [Line Items] | |||
Total gains and losses | 3,302 | 6,732 | 2,878 |
Bifurcated embedded derivatives and dealer offsets | Other noninterest income | |||
Derivative Instruments [Line Items] | |||
Total gains and losses | 433 | (63) | 212 |
De-designated hedges | Other noninterest income | |||
Derivative Instruments [Line Items] | |||
Total gains and losses | 0 | 0 | (193) |
Mortgage banking derivatives | Mortgage loan revenue | |||
Derivative Instruments [Line Items] | |||
Total gains and losses | (1,805) | (7,873) | (1,797) |
Risk participations | Other noninterest income | |||
Derivative Instruments [Line Items] | |||
Total gains and losses | $ (90) | $ (340) | $ (3) |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Carrying amount (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill and other intangible assets | |||
Total intangibles subject to amortization, net | $ 20,400 | $ 14,014 | |
Goodwill | 452,007 | 367,809 | $ 327,425 |
Total goodwill and other intangible assets, net | 472,407 | 381,823 | |
Core deposit intangible | |||
Goodwill and other intangible assets | |||
Intangibles subject to amortization, gross | 38,192 | 36,162 | |
Less: accumulated amortization | (25,870) | (22,148) | |
Total intangibles subject to amortization, net | 12,322 | 14,014 | |
Customer relationship intangible | |||
Goodwill and other intangible assets | |||
Intangibles subject to amortization, gross | 8,400 | 0 | |
Less: accumulated amortization | (322) | 0 | |
Total intangibles subject to amortization, net | $ 8,078 | $ 0 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Narrative (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Customer relationship intangible | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset acquired | $ 870 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Changes in carrying amount of goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Changes in carrying amount of goodwill | |||
Goodwill, beginning balance | $ 367,809 | $ 327,425 | |
Goodwill, ending balance | 452,007 | 367,809 | |
Accumulated impairment losses | 306,000 | 306,000 | $ 306,000 |
Gross goodwill | 758,000 | 673,000 | $ 633,000 |
Three Shores | |||
Changes in carrying amount of goodwill | |||
Acquisitions | $ 40,384 | ||
FinTrust | |||
Changes in carrying amount of goodwill | |||
Acquisitions | 14,163 | ||
Aquesta | |||
Changes in carrying amount of goodwill | |||
Acquisitions | $ 70,035 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Estimated aggregate amortization expense for future periods (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Estimated aggregate amortization expense for future periods | ||
2022 | $ 4,081 | |
2023 | 3,447 | |
2024 | 2,849 | |
2025 | 2,169 | |
2026 | 1,709 | |
Thereafter | 6,145 | |
Total intangibles subject to amortization, net | $ 20,400 | $ 14,014 |
Servicing Assets and Liabilit_3
Servicing Assets and Liabilities - Changes in SBA/USDA loans servicing rights (Details) - SBA/USDA loans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Servicing rights roll forward | |||
Beginning of period | $ 6,462 | $ 6,794 | $ 7,510 |
Acquired servicing rights | 581 | 0 | 0 |
Originated servicing rights capitalized upon sale of loans | 2,005 | 1,114 | 1,835 |
Disposals | (1,430) | (624) | (1,258) |
Changes in fair value due to change in inputs or assumptions used in the valuation | (1,105) | (822) | (1,293) |
End of period | $ 6,513 | $ 6,462 | $ 6,794 |
Servicing Assets and Liabilit_4
Servicing Assets and Liabilities - Key characteristics, inputs, and economic assumptions for SBA/USDA loans and related sensitivity (Details) - SBA/USDA loans - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Servicing Assets at Fair Value [Line Items] | ||||
Fair value of retained servicing assets | $ 6,513 | $ 6,462 | $ 6,794 | $ 7,510 |
10% adverse change | (309) | (358) | ||
20% adverse change | (591) | (680) | ||
100 bps adverse change | (166) | (171) | ||
200 bps adverse change | $ (323) | $ (333) | ||
Weighted average | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Prepayment rate assumption | 16.30% | 17.80% | ||
Discount rate | 10.30% | 8.90% | ||
Minimum | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Prepayment rate assumption | 3.20% | 2.70% | ||
Discount rate | 0.00% | 1.60% | ||
Maximum | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Prepayment rate assumption | 31.30% | 33.60% | ||
Discount rate | 45.40% | 44.10% |
Servicing Assets and Liabilit_5
Servicing Assets and Liabilities - Changes in residential mortgage loans servicing rights (Details) - Residential mortgage servicing rights - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Servicing rights roll forward | |||
Beginning of period | $ 16,216 | $ 13,565 | $ 11,877 |
Originated servicing rights capitalized upon sale of loans | 12,510 | 11,911 | 5,783 |
Disposals | (4,275) | (2,868) | (1,098) |
Changes in fair value due to change in inputs or assumptions used in the valuation | 710 | (6,392) | (2,997) |
End of period | $ 25,161 | $ 16,216 | $ 13,565 |
Servicing Assets and Liabilit_6
Servicing Assets and Liabilities - Key characteristics, inputs, and economic assumptions for residential mortgage loans and related sensitivity (Details) - Residential mortgage servicing rights - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Servicing Assets at Fair Value [Line Items] | ||||
Fair value of retained servicing assets | $ 25,161 | $ 16,216 | $ 13,565 | $ 11,877 |
10% adverse change | (1,229) | (999) | ||
20% adverse change | (2,367) | (1,912) | ||
100 bps adverse change | (877) | (518) | ||
200 bps adverse change | $ (1,693) | $ (1,001) | ||
Weighted average | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Prepayment rate assumption | 12.60% | 17.70% | ||
Discount rate | 9.50% | 10.00% | ||
Minimum | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Prepayment rate assumption | 7.00% | 8.70% | ||
Discount rate | 9.50% | 10.00% | ||
Maximum | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Prepayment rate assumption | 77.60% | 19.50% | ||
Discount rate | 10.50% | 11.00% |
Servicing Assets and Liabilit_7
Servicing Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SBA/USDA loans | |||
Schedule Of Servicing Asset [Line Items] | |||
Loans serviced for others not included in balance sheet | $ 428,000 | $ 402,000 | |
Contractually specified servicing fees earned by United on servicing rights | 3,900 | 3,770 | $ 3,820 |
Residential mortgage servicing rights | |||
Schedule Of Servicing Asset [Line Items] | |||
Loans serviced for others not included in balance sheet | 2,820,000 | 2,310,000 | |
Contractually specified servicing fees earned by United on servicing rights | 6,480 | 4,820 | $ 3,670 |
Equipment financing loans | |||
Schedule Of Servicing Asset [Line Items] | |||
Loans serviced for others not included in balance sheet | 78,800 | 45,500 | |
Servicing liabilities | $ 675 | $ 357 |
Time Deposits - Contractual mat
Time Deposits - Contractual maturities of time deposits (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Contractual maturities of time deposits | |
2022 | $ 1,237,100 |
2023 | 142,305 |
2024 | 35,497 |
2025 | 21,479 |
2026 | 19,810 |
Thereafter | 50,260 |
Total time deposits | $ 1,506,451 |
Time Deposits - Narrative (Deta
Time Deposits - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Time deposits (excluding brokered time deposits) that met or exceeded FDIC insurance limit | $ 269 | $ 317 |
Long-term Debt - Schedule of lo
Long-term Debt - Schedule of long-term debt (Details) - USD ($) $ in Thousands | 12 Months Ended | 29 Months Ended | 64 Months Ended | 67 Months Ended | 71 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2027 | Dec. 31, 2022 | Dec. 31, 2026 | Dec. 31, 2030 | Dec. 31, 2028 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||||||
Less net discount | $ (8,260) | $ (9,296) | |||||
Total long-term debt | 247,360 | 326,956 | |||||
Senior debentures | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, gross | 135,000 | 185,000 | |||||
Senior debentures | 2022 senior debentures | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, gross | $ 0 | 50,000 | |||||
Interest Rate (percent) | 5.00% | ||||||
Senior debentures | 2022 senior debentures | LIBOR | Forecast | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate (percent) | 3.814% | ||||||
Senior debentures | 2027 senior debentures | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, gross | $ 35,000 | 35,000 | |||||
Interest Rate (percent) | 5.50% | ||||||
Senior debentures | 2027 senior debentures | LIBOR | Forecast | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate (percent) | 3.71% | ||||||
Senior debentures | 2030 senior debentures | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, gross | $ 100,000 | 100,000 | |||||
Interest Rate (percent) | 5.00% | ||||||
Senior debentures | 2030 senior debentures | SOFR | Forecast | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate (percent) | 4.87% | ||||||
Subordinated debentures | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, gross | $ 100,000 | 111,250 | |||||
Subordinated debentures | 2026 subordinated debentures | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, gross | $ 0 | 15,000 | |||||
Interest Rate (percent) | 5.875% | ||||||
Subordinated debentures | 2026 subordinated debentures | LIBOR | Forecast | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate (percent) | 4.70% | ||||||
Subordinated debentures | 2028 subordinated debentures | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, gross | $ 100,000 | 100,000 | |||||
Interest Rate (percent) | 4.50% | ||||||
Subordinated debentures | 2028 subordinated debentures | LIBOR | Forecast | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate (percent) | 2.12% | ||||||
Subordinated debentures | 2025 subordinated debentures | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, gross | $ 0 | 11,250 | |||||
Interest Rate (percent) | 6.25% | ||||||
Trust preferred securities | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, gross | $ 20,620 | 25,002 | |||||
Trust preferred securities | Southern Bancorp Capital Trust I | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, gross | $ 0 | 4,382 | |||||
Trust preferred securities | Southern Bancorp Capital Trust I | Prime Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate (percent) | 1.00% | ||||||
Trust preferred securities | Tidelands Statutory Trust I | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, gross | $ 8,248 | 8,248 | |||||
Trust preferred securities | Tidelands Statutory Trust I | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate (percent) | 1.38% | ||||||
Trust preferred securities | Four Oaks Statutory Trust I | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, gross | $ 12,372 | $ 12,372 | |||||
Trust preferred securities | Four Oaks Statutory Trust I | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate (percent) | 1.35% |
Operating Leases - ROU asset an
Operating Leases - ROU asset and operating lease liability (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
ROU asset | $ 29,421 | $ 31,398 |
Operating lease liability | $ 31,072 | $ 33,095 |
ROU asset, balance sheet line item | Other Assets | Other Assets |
Operating lease liability, balance sheet line item | Other liabilities | Other liabilities |
Operating Leases - Narrative (D
Operating Leases - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | ||
ROU assets resulting in net increase in operating lease liability | $ 4,490 | $ 17,400 |
FinTrust and Aquesta | ||
Lessee, Lease, Description [Line Items] | ||
ROU assets resulting in net increase in operating lease liability | $ 2,870 | |
Three Shores | ||
Lessee, Lease, Description [Line Items] | ||
ROU assets resulting in net increase in operating lease liability | $ 15,100 |
Operating Leases - Operating le
Operating Leases - Operating lease income and expense and other supplemental information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating lease income and expense | |||
Operating lease cost | $ 8,186 | $ 6,449 | $ 5,067 |
Variable lease cost | 1,066 | 757 | 449 |
Short-term lease cost | 85 | 100 | 136 |
Total lease cost | 9,337 | 7,306 | 5,652 |
Sublease income and rental income from owned properties under operating leases | $ 976 | $ 1,022 | $ 1,160 |
Operating lease, weighted average remaining lease term (in years) | 5 years 4 months 24 days | 5 years 8 months 26 days | 5 years 3 months 29 days |
Operating lease, weighted average discount rate (percent) | 1.58% | 1.79% | 2.79% |
Operating Leases - Future minim
Operating Leases - Future minimum lease payments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Future minimum lease payments | ||
2022 | $ 8,197 | |
2023 | 8,080 | |
2024 | 4,222 | |
2025 | 2,933 | |
2026 | 2,756 | |
Thereafter | 6,242 | |
Total | 32,430 | |
Less discount | (1,358) | |
Present value of lease liability | $ 31,072 | $ 33,095 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and liabilities measured at fair value on recurring basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Debt securities available-for-sale | $ 4,496,824 | $ 3,224,721 |
Mortgage loans held for sale | 44,109 | 105,433 |
U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 217,520 | 128,072 |
U.S. Government agencies & GSEs | ||
Assets: | ||
Debt securities available-for-sale | 187,032 | 152,972 |
State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 275,844 | 274,472 |
Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 193,166 | 71,767 |
Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 604,277 | 562,722 |
Recurring | ||
Assets: | ||
Equity securities with readily determinable fair values | 1,302 | 1,687 |
Mortgage loans held for sale | 44,109 | 105,433 |
Deferred compensation plan assets | 11,769 | 9,584 |
Servicing rights for SBA/USDA loans | 6,513 | 6,462 |
Residential mortgage servicing rights | 25,161 | 16,216 |
Derivative financial instruments | 42,480 | 86,666 |
Total assets | 4,628,158 | 3,450,769 |
Liabilities: | ||
Deferred compensation plan liability | 11,795 | 9,590 |
Derivative financial instruments | 25,145 | 29,003 |
Total liabilities | 36,940 | 38,593 |
Recurring | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 217,520 | 128,072 |
Recurring | U.S. Government agencies & GSEs | ||
Assets: | ||
Debt securities available-for-sale | 187,032 | 152,972 |
Recurring | State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 275,844 | 274,472 |
Recurring | Residential MBS | ||
Assets: | ||
Debt securities available-for-sale | 2,145,134 | 1,485,585 |
Recurring | Commercial MBS | ||
Assets: | ||
Debt securities available-for-sale | 873,851 | 549,131 |
Recurring | Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 193,166 | 71,767 |
Recurring | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 604,277 | 562,722 |
Recurring | Level 1 | ||
Assets: | ||
Equity securities with readily determinable fair values | 0 | 774 |
Mortgage loans held for sale | 0 | 0 |
Deferred compensation plan assets | 11,769 | 9,584 |
Servicing rights for SBA/USDA loans | 0 | 0 |
Residential mortgage servicing rights | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Total assets | 229,289 | 138,430 |
Liabilities: | ||
Deferred compensation plan liability | 11,795 | 9,590 |
Derivative financial instruments | 0 | 0 |
Total liabilities | 11,795 | 9,590 |
Recurring | Level 1 | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 217,520 | 128,072 |
Recurring | Level 1 | U.S. Government agencies & GSEs | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 1 | State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 1 | Residential MBS | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 1 | Commercial MBS | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 1 | Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 1 | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 2 | ||
Assets: | ||
Equity securities with readily determinable fair values | 1,302 | 913 |
Mortgage loans held for sale | 44,109 | 105,433 |
Deferred compensation plan assets | 0 | 0 |
Servicing rights for SBA/USDA loans | 0 | 0 |
Residential mortgage servicing rights | 0 | 0 |
Derivative financial instruments | 35,722 | 75,887 |
Total assets | 4,358,042 | 3,277,132 |
Liabilities: | ||
Deferred compensation plan liability | 0 | 0 |
Derivative financial instruments | 20,097 | 26,595 |
Total liabilities | 20,097 | 26,595 |
Recurring | Level 2 | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 2 | U.S. Government agencies & GSEs | ||
Assets: | ||
Debt securities available-for-sale | 187,032 | 152,972 |
Recurring | Level 2 | State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 275,844 | 274,472 |
Recurring | Level 2 | Residential MBS | ||
Assets: | ||
Debt securities available-for-sale | 2,145,134 | 1,485,585 |
Recurring | Level 2 | Commercial MBS | ||
Assets: | ||
Debt securities available-for-sale | 873,851 | 549,131 |
Recurring | Level 2 | Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 190,771 | 70,017 |
Recurring | Level 2 | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 604,277 | 562,722 |
Recurring | Level 3 | ||
Assets: | ||
Equity securities with readily determinable fair values | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Deferred compensation plan assets | 0 | 0 |
Servicing rights for SBA/USDA loans | 6,513 | 6,462 |
Residential mortgage servicing rights | 25,161 | 16,216 |
Derivative financial instruments | 6,758 | 10,779 |
Total assets | 40,827 | 35,207 |
Liabilities: | ||
Deferred compensation plan liability | 0 | 0 |
Derivative financial instruments | 5,048 | 2,408 |
Total liabilities | 5,048 | 2,408 |
Recurring | Level 3 | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 3 | U.S. Government agencies & GSEs | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 3 | State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 3 | Residential MBS | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 3 | Commercial MBS | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 3 | Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 2,395 | 1,750 |
Recurring | Level 3 | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | $ 0 | $ 0 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation for measurements at fair value on a recurring basis using significant unobservable inputs (Details) - Recurring - Level 3 - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Asset | |||
Assets: | |||
Balance at beginning of period | $ 10,779 | $ 7,238 | $ 11,841 |
Transfers into Level 3 | 74 | 583 | |
Additions | 261 | 368 | |
Sales and settlements | 0 | (1,135) | |
Fair value adjustments included in OCI | 0 | 0 | 0 |
Fair value adjustments included in earnings | (4,356) | 2,590 | (3,468) |
Balance at end of period | 6,758 | 10,779 | 7,238 |
Corporate Bonds | |||
Assets: | |||
Balance at beginning of period | 1,750 | 998 | 995 |
Transfers into Level 3 | 0 | 0 | |
Additions | 500 | 1,750 | |
Sales and settlements | (1,000) | 0 | |
Fair value adjustments included in OCI | 145 | 2 | 3 |
Fair value adjustments included in earnings | 0 | 0 | 0 |
Balance at end of period | 2,395 | 1,750 | 998 |
Derivative Liability | |||
Liabilities: | |||
Balance at beginning of period | 2,408 | 8,559 | 15,732 |
Transfers into Level 3 | 0 | 0 | |
Additions | 170 | 0 | |
Sales and settlements | 0 | (2,330) | |
Fair value adjustments included in OCI | 0 | 0 | 0 |
Fair value adjustments included in earnings | 2,470 | (6,151) | (4,843) |
Balance at end of period | $ 5,048 | $ 2,408 | $ 8,559 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative information about Level 3 measurements for fair value on a recurring basis (Details) - Recurring - Level 3 | Dec. 31, 2021security | Dec. 31, 2020security |
Derivative assets - mortgage | Pull through rate | Low | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 0.459 | 0.656 |
Derivative assets - mortgage | Pull through rate | High | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 1 | 1 |
Derivative assets - mortgage | Pull through rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 0.872 | 0.839 |
Derivative assets - customer derivative positions | Estimated loss rate | Low | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 0.334 | 1 |
Derivative assets - customer derivative positions | Estimated loss rate | High | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 0.440 | 1 |
Derivative assets - customer derivative positions | Estimated loss rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 0.360 | 1 |
Corporate bonds | Discount rate | Low | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Corporate bonds, measurement input | 0.036 | |
Corporate bonds | Discount rate | High | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Corporate bonds, measurement input | 0.038 | |
Corporate bonds | Discount rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Corporate bonds, measurement input | 0.036 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair value option (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Mortgage Loans Held for Sale | |||
Outstanding principal balance | $ 42,581 | $ 99,746 | |
Fair value | 44,109 | 105,433 | |
Mortgage loan gains and other related fees | $ (4,159) | $ 3,815 | $ 1,177 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets and liabilities measured at fair value on nonrecurring basis (Details) - Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 2,536 | $ 29,404 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 2,536 | $ 29,404 |
Fair Value Measurements - Fai_2
Fair Value Measurements - Fair values for other financial instruments that are not measured at fair value on recurring basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
HTM debt securities | $ 1,148,804 | $ 437,193 |
Carrying Amount | ||
Assets: | ||
HTM debt securities | 1,156,098 | 420,361 |
Loans, net | 11,657,814 | 11,233,805 |
Liabilities: | ||
Deposits | 18,241,179 | 15,232,358 |
Long-term debt | 247,360 | 326,956 |
Fair Value | ||
Assets: | ||
HTM debt securities | 1,148,804 | 437,193 |
Loans, net | 11,607,821 | 11,209,717 |
Liabilities: | ||
Deposits | 18,239,934 | 15,232,274 |
Long-term debt | 267,064 | 336,763 |
Fair Value | Level 1 | ||
Assets: | ||
HTM debt securities | 0 | 0 |
Loans, net | 0 | 0 |
Liabilities: | ||
Deposits | 0 | 0 |
Long-term debt | 0 | 0 |
Fair Value | Level 2 | ||
Assets: | ||
HTM debt securities | 1,148,804 | 437,193 |
Loans, net | 0 | 0 |
Liabilities: | ||
Deposits | 18,239,934 | 15,232,274 |
Long-term debt | 0 | 0 |
Fair Value | Level 3 | ||
Assets: | ||
HTM debt securities | 0 | 0 |
Loans, net | 11,607,821 | 11,209,717 |
Liabilities: | ||
Deposits | 0 | 0 |
Long-term debt | $ 267,064 | $ 336,763 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Maximum remaining maturity of financial instruments having no defined maturity | 180 days |
Common and Preferred Stock (Det
Common and Preferred Stock (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Class of Stock [Line Items] | ||||||
Common stock authorized (in shares) | 200,000,000 | 150,000,000 | 200,000,000 | 150,000,000 | ||
Repurchase program authorized amount | $ 50,000,000 | $ 50,000,000 | ||||
Shares repurchased (in shares) | 492,744 | 826,482 | 500,495 | |||
Repurchase program remaining authorization | $ 50,000,000 | |||||
Shares issued in connection with DRIP (in shares) | 10,081 | 38,107 | 62,629 | |||
Net proceeds from issuance of preferred stock | $ 0 | $ 96,422,000 | $ 0 | |||
Preferred stock carrying amount | 96,422,000 | 96,422,000 | ||||
Series I perpetual non-cumulative preferred stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock issued | $ 100,000,000 | |||||
Issuance of stock (in shares) | 4,000 | |||||
Preferred stock dividend rate (percent) | 6.875% | |||||
Net proceeds from issuance of preferred stock | $ 96,400,000 | |||||
Preferred stock redemption price (in dollars per share) | $ 25,000 | |||||
Preferred stock carrying amount | $ 96,400,000 | $ 96,400,000 | ||||
Depositary share on Series I perpetual non-cumulative preferred stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock redemption price (in dollars per share) | $ 25 |
Equity Compensation Plans - Res
Equity Compensation Plans - Restricted stock units and options outstanding activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Options, Shares | |||
Beginning balance, outstanding (in shares) | 0 | 1,500 | 47,139 |
Granted (in shares) | 62,743 | 0 | 0 |
Exercised (in shares) | (27,283) | 0 | (13,000) |
Expired (in shares) | (1,500) | (30,243) | |
Cancelled (in shares) | 0 | 0 | (2,396) |
Ending balance, outstanding (in shares) | 35,460 | 0 | 1,500 |
Exercisable (in shares) | 35,460 | ||
Options, Weighted Average Exercise Price | |||
Beginning balance, outstanding (in dollars per share) | $ 0 | $ 27.95 | $ 27.07 |
Granted (in dollars per share) | 8.30 | 0 | 0 |
Exercised (in dollars per shares) | 8.20 | 0 | 16.34 |
Expired (in dollars per share) | 27.95 | 31.43 | |
Cancelled (in dollars per share) | 0 | 0 | 29.68 |
Ending balance, outstanding (in dollars per share) | 8.38 | $ 0 | $ 27.95 |
Exercisable (in dollars per share) | $ 8.38 | ||
Outstanding, Weighted Average Remaining Term (in years) | 2 years 3 days | ||
Exercisable, Weighted Average Remaining Term (in years) | 2 years 3 days | ||
Exercised during period, Aggregate Intrinsic Value | $ 765 | ||
Outstanding, Aggregate Intrinsic Value | 977 | ||
Exercisable, Aggregate Intrinsic Value | $ 977 | ||
Restricted Stock Units | |||
Restricted Stock Units, Shares | |||
Beginning balance, outstanding (in shares) | 893,431 | 808,424 | 759,746 |
Granted (in shares) | 302,701 | 446,512 | 315,827 |
Vested (in shares) | (330,598) | (324,697) | (216,138) |
Expired (in shares) | 0 | 0 | |
Cancelled (in shares) | (57,060) | (36,808) | (51,011) |
Ending balance, outstanding (in shares) | 808,474 | 893,431 | 808,424 |
Vested (in shares) | 0 | ||
Restricted Stock Units, Weighted Average Grant Date Fair Value | |||
Beginning balance, outstanding (in dollars per share) | $ 23.75 | $ 27.94 | $ 27.66 |
Granted (in dollars per share) | 30.34 | 19.15 | 26.74 |
Vested (in dollars per share) | 26.13 | 26.42 | 25.38 |
Expired (in dollars per share) | |||
Cancelled (in dollars per share) | 25.15 | 25.73 | 27.18 |
Ending balance, outstanding (in dollars per share) | 25.15 | $ 23.75 | $ 27.94 |
Vested (in dollars per share) | $ 0 | ||
Vested, Aggregate Intrinsic Value | $ 10,855 | ||
Outstanding, Aggregate Intrinsic Value | $ 29,057 |
Equity Compensation Plans - Nar
Equity Compensation Plans - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period under plan | 4 years | |||
Exercisable period | 10 years | |||
Additional awards remaining available under plan (in shares) | 600,106 | |||
Deferred income tax benefit related to compensation expense for awards | $ 1,670,000 | $ 2,010,000 | $ 2,390,000 | |
Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 0 | 0 | 0 | |
Restricted stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 6,070,000 | $ 7,400,000 | $ 8,980,000 | |
Units outstanding (in shares) | 808,474 | 893,431 | 808,424 | 759,746 |
Unrecognized compensation cost | $ 15,500,000 | |||
Weighted-average recognition period for unrecognized compensation cost | 2 years 6 months | |||
Restricted stock units | Merger-related and other charges | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense related to acceleration of vesting | $ 1,380,000 | |||
Compensation expense related to acquisition | 740,000 | |||
Restricted stock units | Salaries and employee benefits expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 6,860,000 | |||
Restricted stock units | Other operating expenses | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 489,000 | $ 484,000 | $ 379,000 | |
Performance-based restricted stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units outstanding (in shares) | 174,713 |
Reclassifications Out of AOCI_2
Reclassifications Out of AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Securities gains (losses), net | $ 83 | $ 748 | $ (1,021) |
Investment securities interest revenue | 578,794 | 557,996 | 552,706 |
Salaries and employee benefits expense | (241,443) | (224,060) | (196,440) |
Other expense | (17,386) | (15,301) | (15,092) |
Deposit interest expense | (14,845) | (41,772) | (66,856) |
Long-term debt interest expense | (14,912) | (14,434) | (12,921) |
Merger-related and other | (13,970) | (7,018) | (6,907) |
Total before tax | 347,763 | 209,445 | 238,712 |
Income tax benefit | (77,962) | (45,356) | (52,991) |
Net income | 269,801 | 164,089 | 185,721 |
Reclassifications Out of AOCI | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net income | (1,100) | (899) | (2,997) |
Reclassifications Out of AOCI | Realized gains (losses) on AFS securities | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Securities gains (losses), net | 83 | 748 | (1,021) |
Income tax benefit | 46 | (191) | 247 |
Net income | 129 | 557 | (774) |
Reclassifications Out of AOCI | Amortization of losses included in net income on AFS securities transferred to HTM | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Investment securities interest revenue | 0 | (723) | (383) |
Income tax benefit | 0 | 173 | 92 |
Net income | 0 | (550) | (291) |
Reclassifications Out of AOCI | Reclassifications related to derivative financial instruments accounted for as cash flow hedges | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other expense | 0 | 0 | (235) |
Deposit interest expense | 0 | 0 | (102) |
Long-term debt interest expense | (608) | (359) | 0 |
Total before tax | (608) | (359) | (337) |
Income tax benefit | 156 | 91 | 86 |
Net income | (452) | (268) | (251) |
Reclassifications Out of AOCI | Reclassifications related to defined benefit pension plan activity | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total before tax | (1,044) | (857) | (2,257) |
Income tax benefit | 267 | 219 | 576 |
Net income | (777) | (638) | (1,681) |
Reclassifications Out of AOCI | Prior service cost | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Salaries and employee benefits expense | (469) | (531) | (640) |
Reclassifications Out of AOCI | Actuarial losses | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other expense | (575) | (326) | (59) |
Reclassifications Out of AOCI | Termination of Funded Plan | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Merger-related and other | $ 0 | $ 0 | $ (1,558) |
Earnings Per Share - Computatio
Earnings Per Share - Computation of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Computation of basic and diluted earnings per share | |||
Net income | $ 269,801 | $ 164,089 | $ 185,721 |
Earnings allocated to participating securities | (1,657) | (1,287) | (1,375) |
Dividends on preferred stock | (6,875) | (3,533) | 0 |
Net income available to common shareholders, basic | 261,269 | 159,269 | 184,346 |
Net income available to common shareholders, diluted | $ 261,269 | $ 159,269 | $ 184,346 |
Net income per common share: | |||
Basic (in dollars per share) | $ 2.97 | $ 1.91 | $ 2.31 |
Diluted (in dollars per share) | $ 2.97 | $ 1.91 | $ 2.31 |
Weighted average common shares: | |||
Basic (in shares) | 87,940 | 83,184 | 79,700 |
Effect of dilutive securities: | |||
Diluted (in shares) | 88,097 | 83,248 | 79,708 |
Stock options | |||
Effect of dilutive securities: | |||
Dilutive securities (in shares) | 9 | 0 | 1 |
Restricted stock units | |||
Effect of dilutive securities: | |||
Dilutive securities (in shares) | 148 | 64 | 7 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | |||
Antidilutive securities excluded from computation (in shares) | 0 | 0 | |
Weighted average exercise price of stock options (in dollars per share) | $ 8.20 | $ 0 | $ 16.34 |
Stock options | |||
Class of Stock [Line Items] | |||
Antidilutive securities excluded from computation (in shares) | 1,000 | ||
Restricted stock units | |||
Class of Stock [Line Items] | |||
Antidilutive securities excluded from computation (in shares) | 183,168 | ||
Weighted average exercise price of stock options (in dollars per share) | $ 30.45 |
Income Taxes - Income tax expen
Income Taxes - Income tax expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Current | $ 57,175 | $ 42,688 | $ 38,082 |
Deferred | 20,787 | 2,668 | 14,909 |
Total income tax expense | $ 77,962 | $ 45,356 | $ 52,991 |
Income Taxes - Differences betw
Income Taxes - Differences between provision for income taxes and amount computed as statutory rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Differences between the provision for income taxes and statutory federal income tax rate | |||
Income tax expense on pretax income at statutory rates | $ 73,030 | $ 43,983 | $ 50,130 |
Add (deduct): | |||
State taxes, net of federal benefit | 9,188 | 5,928 | 7,168 |
BOLI earnings | (745) | (1,052) | (1,127) |
Adjustment to reserve for uncertain tax positions | 153 | (1,212) | 84 |
Tax-exempt interest revenue | (2,520) | (2,169) | (1,827) |
Equity compensation | (891) | (174) | (375) |
Transaction costs | 117 | 217 | 16 |
Tax credit investments | (598) | (930) | (464) |
Other | 228 | 765 | (614) |
Total income tax expense | $ 77,962 | $ 45,356 | $ 52,991 |
Income Taxes - Deferred taxes (
Income Taxes - Deferred taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
DTAs: | ||
ACL | $ 24,349 | $ 33,213 |
Net operating loss carryforwards | 16,656 | 22,277 |
Deferred compensation | 11,011 | 10,012 |
Loan purchase accounting adjustments | 4,227 | 8,567 |
Nonqualified share based compensation | 1,374 | 1,833 |
Accrued expenses | 7,936 | 6,865 |
Unamortized pension actuarial losses and prior service cost | 1,442 | 1,981 |
Unrealized losses on AFS securities | 5,808 | 0 |
Deferred gains on SBA/USDA loan sales | 2,217 | 2,060 |
Lease liability | 7,501 | 8,055 |
Other | 1,107 | 2,062 |
Total DTAs | 83,628 | 96,925 |
DTLs: | ||
Unrealized gains on AFS securities | 0 | 17,439 |
Unrealized gains on cash flow hedges | 1,189 | 54 |
Acquired intangible assets | 2,412 | 2,576 |
Premises and equipment | 5,179 | 4,241 |
Loan origination costs | 6,466 | 4,857 |
True tax leases | 5,984 | 7,846 |
Servicing assets | 6,779 | 4,816 |
Derivatives | 1,309 | 2,250 |
ROU asset | 7,102 | 7,642 |
Securities purchase accounting adjustments | 2,644 | 3,146 |
Uncertain tax positions | 1,945 | 1,813 |
Other | 386 | 230 |
Total DTLs | 41,395 | 56,910 |
Less valuation allowance | 911 | 1,604 |
Net DTA | $ 41,322 | $ 38,411 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of unrecognized tax benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of the beginning and ending unrecognized tax benefit | |||
Balance at beginning of year | $ 2,163 | $ 3,370 | $ 3,264 |
Additions based on tax positions related to the current year | 634 | 421 | 481 |
Decreases resulting from a lapse in the applicable statute of limitations | (441) | (1,628) | (375) |
Balance at end of year | $ 2,356 | $ 2,163 | $ 3,370 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Tax Credit Carryforward [Line Items] | |||
Increase in net DTA | $ 2,120,000 | ||
Valuation allowance | 911,000 | $ 1,604,000 | |
Net DTA | 41,322,000 | 38,411,000 | |
Tax benefit related to uncertain tax positions that increases income from continuing operations | 1,860,000 | ||
Penalties and interest related to income taxes | 0 | 0 | $ 0 |
Accrued penalties and interest | 0 | $ 0 | |
Begin to expire in 2025 | State | |||
Tax Credit Carryforward [Line Items] | |||
Net operating loss carryforwards | 32,900,000 | ||
Begin to expire in 2031 | State | |||
Tax Credit Carryforward [Line Items] | |||
Net operating loss carryforwards | 51,100,000 | ||
Begin to expire in 2027 | Federal | |||
Tax Credit Carryforward [Line Items] | |||
Net operating loss carryforwards | 51,200,000 | ||
Begin to expire in 2022 | State | |||
Tax Credit Carryforward [Line Items] | |||
State tax credits | $ 3,410,000 |
Benefit Plans - Narrative (Deta
Benefit Plans - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer match of employee contributions (percent) | 100.00% | |||
Employer matching contribution maximum percent of employee's eligible compensation (percent) | 5.00% | |||
Service period to receive matching contribution | 1 year | |||
Vesting period of benefits | 3 years | |||
Compensation expense related to 401(k) Plan | $ 7,310,000 | $ 6,160,000 | $ 5,300,000 | |
Common stock issuable under the deferred compensation plan (shares) | 595,705 | 600,834 | ||
Unrecognized losses previously in accumulated other income (loss) recognized upon fund liquidation | $ 0 | $ 0 | $ 1,558,000 | |
Shares issued through ESPP (in shares) | 6,676 | 34,423 | 20,928 | |
Executive officers, certain key employees, and board of directors | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Matching contributions to deferred compensation plan | $ 73,000 | $ 49,000 | $ 162,000 | |
Discretionary contributions to deferred compensation plan | 0 | 0 | 0 | |
Funded plan | Defined benefit plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
United contributions to the plan | $ 4,900,000 | |||
Unrecognized losses previously in accumulated other income (loss) recognized upon fund liquidation | 1,560,000 | |||
Pension plan settlement expense | 1,380,000 | |||
Total settlement loss upon plan termination | $ 2,940,000 | |||
Modified Retirement Plan | Unfunded plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
United contributions to the plan | $ 1,107,000 | $ 1,193,000 |
Benefit Plans - Weighted-averag
Benefit Plans - Weighted-average assumptions to determine pension benefit obligation (Details) - Modified Retirement Plan - Unfunded plan | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate for disclosures (percent) | 2.90% | 2.55% |
Discount rate for net periodic benefit cost (percent) | 2.55% | 3.25% |
Benefit Plans - Changes in obli
Benefit Plans - Changes in obligations and plan assets (Details) - Modified Retirement Plan - Unfunded plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated benefit obligation: | |||
Accumulated benefit obligation - beginning of year | $ 27,099 | $ 25,105 | |
Service cost | 659 | 588 | $ 392 |
Interest cost | 676 | 795 | 931 |
Actuarial (gains) losses | (1,066) | 1,804 | |
Benefits paid | (1,107) | (1,193) | |
Accumulated benefit obligation - end of year | 26,261 | 27,099 | 25,105 |
Change in plan assets, at fair value: | |||
Beginning plan assets | 0 | 0 | |
Employer contribution | 1,107 | 1,193 | |
Benefits paid | (1,107) | (1,193) | |
Plan assets - end of year | 0 | 0 | $ 0 |
Funded status - end of year (plan assets less benefit obligations) | $ (26,261) | $ (27,099) |
Benefit Plans - Components of n
Benefit Plans - Components of net periodic benefit cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Modified Retirement Plan | Unfunded plan | |||
Components of net periodic benefit cost | |||
Service cost | $ 659 | $ 588 | $ 392 |
Interest cost | 676 | 795 | 931 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | 469 | 531 | 635 |
Amortization of net actuarial losses | 576 | 326 | 59 |
Net periodic benefit cost | $ 2,380 | $ 2,240 | 2,017 |
Funded Plan | Funded plan | |||
Components of net periodic benefit cost | |||
Service cost | 0 | ||
Interest cost | 166 | ||
Expected return on plan assets | (106) | ||
Amortization of prior service cost | 0 | ||
Amortization of net actuarial losses | 0 | ||
Net periodic benefit cost | $ 60 |
Benefit Plans - Estimated futur
Benefit Plans - Estimated future benefit payments expected to be paid (Details) - Modified Retirement Plan - Unfunded plan $ in Thousands | Dec. 31, 2021USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 1,191 |
2023 | 1,185 |
2024 | 1,179 |
2025 | 1,192 |
2026 | 1,213 |
2027-2031 | $ 8,276 |
Regulatory Matters - Regulatory
Regulatory Matters - Regulatory capital ratios and minimum amounts required (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Risk-based ratios: | ||
CET1 capital, Minimum | 0.045 | |
CET1 capital, Well Capitalized | 0.065 | |
CET1 capital | 0.1246 | 0.1231 |
Tier 1 capital, Minimum | 0.060 | |
Tier 1 capital, Well Capitalized | 0.080 | |
Tier 1 capital | 0.1317 | 0.1310 |
Total capital, Minimum | 0.080 | |
Total capital, Well Capitalized | 0.100 | |
Total capital | 0.1465 | 0.1515 |
Tier 1 leverage ratio, Minimum | 0.040 | |
Tier 1 leverage ratio, Well Capitalized | 0.050 | |
Tier 1 leverage ratio | 0.0875 | 0.0928 |
CET1 capital | $ 1,688,176 | $ 1,506,750 |
Tier 1 capital | 1,784,598 | 1,603,172 |
Total capital | 1,984,376 | 1,854,368 |
RWAs | 13,548,534 | 12,240,440 |
Average total assets | $ 20,402,842 | $ 17,276,853 |
United Community Bank | ||
Risk-based ratios: | ||
CET1 capital | 0.1287 | 0.1331 |
Tier 1 capital | 0.1287 | 0.1331 |
Total capital | 0.1346 | 0.1428 |
Tier 1 leverage ratio | 0.0853 | 0.0942 |
CET1 capital | $ 1,738,557 | $ 1,625,292 |
Tier 1 capital | 1,738,557 | 1,625,292 |
Total capital | 1,818,335 | 1,743,045 |
RWAs | 13,512,405 | 12,207,940 |
Average total assets | $ 20,377,319 | $ 17,246,878 |
Regulatory Matters - Narrative
Regulatory Matters - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | ||
Cash dividend from Bank paid to Holding Company | $ 217 | $ 150 |
Commitments and Contingencies -
Commitments and Contingencies - Contractual amount of off-balance sheet instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments whose contract amounts represent credit risk | $ 3,591,975 | $ 3,052,657 |
Letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments whose contract amounts represent credit risk | $ 29,312 | $ 31,748 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) $ in Millions | Dec. 31, 2021USD ($) |
Other Commitments [Line Items] | |
Investment in limited partnerships | $ 52.7 |
Commitment For Additional Fund | 10 |
United Community Bank | |
Other Commitments [Line Items] | |
Commitment For Additional Fund | $ 13.7 |
Condensed Financial Statement_3
Condensed Financial Statements of United Community Banks, Inc. (Holding Company Only) - Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||||
Other assets | $ 211,199 | $ 226,405 | ||
Total assets | 20,946,771 | 17,794,374 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Long-term debt | 247,360 | 326,956 | ||
Total liabilities | 18,724,526 | 15,786,844 | ||
Shareholders’ equity | 2,222,245 | 2,007,530 | $ 1,635,692 | $ 1,457,554 |
Total liabilities and shareholders’ equity | 20,946,771 | 17,794,374 | ||
Holding Company | ||||
ASSETS | ||||
Cash and cash equivalents | 298,316 | 289,243 | ||
Investment in Bank | 2,150,683 | 2,028,965 | ||
Investment in other subsidiaries | 23,194 | 752 | ||
Other assets | 46,432 | 34,661 | ||
Total assets | 2,518,625 | 2,353,621 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Long-term debt | 247,360 | 311,956 | ||
Other liabilities | 49,020 | 34,135 | ||
Total liabilities | 296,380 | 346,091 | ||
Shareholders’ equity | 2,222,245 | 2,007,530 | ||
Total liabilities and shareholders’ equity | $ 2,518,625 | $ 2,353,621 |
Condensed Financial Statement_4
Condensed Financial Statements of United Community Banks, Inc. (Holding Company Only) - Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Operations | |||
Dividends from Bank | $ 217,000 | $ 150,000 | |
Interest expense | 29,760 | 56,237 | $ 83,312 |
Income tax benefit | (77,962) | (45,356) | (52,991) |
Net income | 269,801 | 164,089 | 185,721 |
Holding Company | |||
Statement of Operations | |||
Dividends from Bank | 217,000 | 150,000 | 0 |
Dividends from other subsidiaries | 0 | 0 | 4,651 |
Shared service fees from subsidiaries | 12,402 | 13,020 | 14,721 |
Other | 3,167 | 1,436 | 1,468 |
Total income | 232,569 | 164,456 | 20,840 |
Interest expense | 14,324 | 13,994 | 11,573 |
Other expense | 16,417 | 16,473 | 18,965 |
Total expenses | 30,741 | 30,467 | 30,538 |
Income tax benefit | 6,908 | 2,681 | 8,711 |
Income (loss) before equity in undistributed earnings of subsidiaries | 208,736 | 136,670 | (987) |
Equity in undistributed earnings of subsidiaries | 61,065 | 27,419 | 186,708 |
Net income | $ 269,801 | $ 164,089 | $ 185,721 |
Condensed Financial Statement_5
Condensed Financial Statements of United Community Banks, Inc. (Holding Company Only) - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities: | |||
Net income | $ 269,801 | $ 164,089 | $ 185,721 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock-based compensation | 6,554 | 7,887 | 9,360 |
Changes in assets and liabilities: | |||
Other assets | 53,416 | (20,139) | (45,789) |
Net cash provided by operating activities | 359,320 | 158,681 | 153,933 |
Investing activities: | |||
Net cash (paid) received for acquisition | 103,065 | 195,699 | (19,545) |
Purchases of premises and equipment | (26,483) | (18,462) | (20,944) |
Proceeds from sale of premises and equipment | 4,247 | 903 | 6,595 |
Other investing inflows | 767 | 5,241 | 1,916 |
Other investing outflows | (610) | 0 | 0 |
Net cash (used in) provided by investing activities | (1,806,403) | (1,580,563) | 163,218 |
Financing activities: | |||
Proceeds from issuance of Series I preferred stock, net of issuance costs | 0 | 96,422 | 0 |
Cash paid for shares withheld to cover payroll taxes related to equity instruments | (3,182) | (3,119) | (1,686) |
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 506 | 1,317 | 2,193 |
Proceeds from exercise of options and warrants | 231 | 0 | 212 |
Repurchase of common stock | (15,101) | (20,782) | (13,020) |
Cash dividends on preferred stock | (6,876) | (3,533) | 0 |
Cash dividends on common stock | (66,914) | (58,912) | (53,044) |
Net cash (used in) provided by financing activities | 2,156,974 | 2,515,295 | (129,210) |
Net change in cash and cash equivalents | 709,891 | 1,093,413 | 187,941 |
Cash and cash equivalents at beginning of year | 1,608,619 | 515,206 | 327,265 |
Cash and cash equivalents at end of year | 2,318,510 | 1,608,619 | 515,206 |
Holding Company | |||
Operating activities: | |||
Net income | 269,801 | 164,089 | 185,721 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed earnings of the subsidiaries | (61,065) | (27,419) | (186,708) |
Stock-based compensation | 6,554 | 7,887 | 9,360 |
Changes in assets and liabilities: | |||
Other assets | (7,800) | (3,662) | (3,022) |
Other liabilities | 6,353 | 5,261 | 2,080 |
Net cash provided by operating activities | 213,843 | 146,156 | 7,431 |
Investing activities: | |||
Net cash (paid) received for acquisition | (47,785) | 3,397 | (52,093) |
Purchases of premises and equipment | (30) | 0 | 0 |
Purchases of debt securities available-for-sale and equity securities | (1,500) | (2,750) | (3,000) |
Proceeds from sales and maturities of debt securities available-for-sale and equity securities | 1,253 | 0 | 83 |
Proceeds from sale of premises and equipment | 728 | 0 | 0 |
Other investing inflows | 132 | 0 | 0 |
Other investing outflows | (600) | 0 | 0 |
Net cash (used in) provided by investing activities | (47,802) | 647 | (55,010) |
Financing activities: | |||
Repayment of long-term debt | (65,632) | 0 | (250) |
Proceeds from issuance of long-term debt, net of issuance costs | 0 | 98,552 | 0 |
Proceeds from issuance of Series I preferred stock, net of issuance costs | 0 | 96,422 | 0 |
Cash paid for shares withheld to cover payroll taxes related to equity instruments | (3,182) | (3,119) | (1,686) |
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 506 | 1,317 | 2,193 |
Proceeds from exercise of options and warrants | 231 | 0 | 212 |
Repurchase of common stock | (15,101) | (20,782) | (13,020) |
Cash dividends on preferred stock | 6,876 | 3,533 | 0 |
Cash dividends on common stock | (66,914) | (58,912) | (53,044) |
Net cash (used in) provided by financing activities | (156,968) | 109,945 | (65,595) |
Net change in cash and cash equivalents | 9,073 | 256,748 | (113,174) |
Cash and cash equivalents at beginning of year | 289,243 | 32,495 | 145,669 |
Cash and cash equivalents at end of year | $ 298,316 | $ 289,243 | $ 32,495 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands, shares in Millions | Feb. 17, 2022$ / shares | Feb. 25, 2022USD ($)shares | Dec. 31, 2021USD ($)bank_branch$ / shares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019$ / shares |
Subsequent Event [Line Items] | |||||
Cash dividend declared per common share (in dollars per share) | $ / shares | $ 0.78 | $ 0.72 | $ 0.68 | ||
Assets | $ 20,946,771 | $ 17,794,374 | |||
Deposits | $ 18,241,179 | $ 15,232,358 | |||
Reliant | |||||
Subsequent Event [Line Items] | |||||
Number of banking offices | bank_branch | 25 | ||||
Assets | $ 3,000,000 | ||||
Total loans | 2,380,000 | ||||
Deposits | $ 2,500,000 | ||||
Subsequent event | Common stock, par value $1 per share | |||||
Subsequent Event [Line Items] | |||||
Dividend date declared | Feb. 17, 2022 | ||||
Cash dividend declared per common share (in dollars per share) | $ / shares | $ 0.21 | ||||
Dividend payable date | Apr. 5, 2022 | ||||
Dividend date of record | Mar. 15, 2022 | ||||
Subsequent event | Series I perpetual non-cumulative preferred stock | |||||
Subsequent Event [Line Items] | |||||
Dividend date declared | Feb. 17, 2022 | ||||
Preferred stock dividend per preferred share (in dollars per share) | $ / shares | $ 429.6875 | ||||
Dividend payable date | Mar. 15, 2022 | ||||
Dividend date of record | Feb. 28, 2022 | ||||
Subsequent event | Depositary share on Series I perpetual non-cumulative preferred stock | |||||
Subsequent Event [Line Items] | |||||
Preferred stock dividend per preferred share (in dollars per share) | $ / shares | $ 0.4296875 | ||||
Subsequent event | Reliant | |||||
Subsequent Event [Line Items] | |||||
Total fair value of consideration transferred | $ 597,000 | ||||
Common stock issued | $ 596,000 | ||||
Shares issued in acquisition (in shares) | shares | 16.6 | ||||
Converted stock options | $ 795 | ||||
Cash | $ 624 |